Indian IT sector adds 290k jobs in FY23, to hit $500 bn revenue by 2030

The Indian tech industry revenue is set to grow by $245 billion in the financial year 2023-end, with the industry adding $19 billion in revenue and around 290,000 jobs in the same period, a Nasscom report showed on (naked url) Wednesday.

At this rate, the tech industry in the country is estimated to reach $500 billion by 2030.

Despite the global headwinds, the technology industry in India is set to witness steady growth in FY2023E, according to the report by Nasscom.

It estimated that the Indian service export revenue is expected to touch $194 billion in FY23, a growth of 9.4 per cent compared to FY2022.

“Despite global headwinds and some moderation in demand, the industry value proposition of resilience, agility and a transformation partner for global enterprises, enabled the industry to strengthen its leadership in core and emerging areas,” said Krishnan Ramanujam, Chairperson, Nasscom.

Over the past year, India has shown resilience and continues to be the fastest-growing large economy in the world.

Similarly, the country’s technology industry has also exhibited continued revenue growth and is expected to grow double digits in constant currency terms in FY2023E.

The FY2023E recorded growth across core sectors — BFSI, manufacturing and telecom/ hi-tech, emphasising the industry’s resilience narrative.

India’s domestic sector emerged as the great propeller. Domestic revenue is growing 13 per cent from FY22 in rupee terms, with a significant uptick in digital spending among enterprises, said the report.

The industry continues to be the net employer with over 5.4 million workforce, creating 290,000 new jobs in FY2023.

With a 36 per cent digitally skilled workforce, the industry remains on the top in terms of AI skills penetration, the second largest in terms of AI/ML pool globally.

With a total of 2 million women employees, the industry showcases a deep focus on bringing diversity to the workplace reporting a net addition of over 140,000 women employees during the year.

“Propelled by forward-looking policies, strong governance, talent and digital trust to ensure accessibility, privacy, security, and reliability, the tech Industry in India is on track to accelerate revenue growth to $500 billion by 2030,a said Debjani Ghosh, President, Nasscom.

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