2.3% growth expected in Indian tech space

FY 2021 will see the technology industry in the country touching $194 billion in terms of revenue

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A recent report by the National Association of Software & Services Companies (Nasscom) reveals that a positive growth of 2.3 per cent is expected in the Indian technology industry, which will take its revenue to $194 billion in 2021 as compared to $190 billion in the last year. Although the growth is not much, it is the rapid adoption of technology and increasing digitalisation that will make this happen.

Exports in the technology sector will also witness growth, albeit slightly less, of 1.9 per cent, touching $150 billion. However, the year-on-year growth of the domestic technology sector is expected to be 3.4 per cent, touching $45 billion.

The IT industry witnessed a growth of six to seven per cent in previous years, so clearly this growth of 2.3 per cent, though positive, given the ongoing pandemic, is not very high.

The Indian IT services segment is expected to witness a growth of 2.7 per cent, and may touch $99 billion. This growth will mainly be driven by the e-commerce sector, which witnessed a growth of 4.8 per cent and touched $57 billion. The hardware segment witnessed a growth of 4.1 per cent, touching a revenue of $16 billion year-on-year.

Well-established organisations, startups as well as government organisations across the country have woken up to the importance of digitalisation and investment in technology. The next one and a half years will see increasing investment in this area.

Focus has increased on ensuring customer-centric solutions with the help of data-led business models, even while ensuring hybrid work models and digital skilling on a mass scale.

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