Nasscom Strategic Review 2023: The technology industry continues to be the net employer with over 5.4 million workforce, creating 290,000 new jobs in FY2023. Further, the sector remains on the top in terms of AI skills penetration with a 36 per cent digitally skilled workforce and 2nd largest in terms of AI/ML BDA talent pool.
Updated Mar 1, 2023 | 04:09 PM IST
India’s Tech Sector – On Track to Hit $500 Bn by 2030
Photo : ET Now Digital
The review by India’s premier trade body and chamber of commerce of the Tech industry in India found that the growth has been across segments of IT services, BPM, Software products, ER&D and Domestic market. Mirroring the trend, the Indian service export revenue is expected to touch $194 billion in reported currency, 9.4 per cent jump compared to FY22.
Additionally, growth in exports is seen across all the major markets. Growth was witnessed across core sectors – BFSI, Manufacturing, and Telecom/ HiTech, in FY23E.
Net employer
The technology industry continues to be the net employer with over 5.4 million workforce, creating 290,000 new jobs in FY2023. Further, the sector remains on the top in terms of AI skills penetration with a 36 per cent digitally skilled workforce and 2nd largest in terms of AI/ML BDA talent pool, globally and 3rd globally, in terms of installed supply of Cloud professionals.
It also showcases a deep focus on bringing diversity to the workplace with a total of 2 million women employees. The industry added over 140k women employees during the year.
India Digital Talent Nation – FY2023E Net Addition Higher Than Pre-Covid Levels
Photo : ET Now Digital
Growth Drivers for the IT industry
In recent years, India has emerged as a global powerhouse for deeptech innovation capabilities & R&D and is steadfastly committed to ushering future growth and innovation for global enterprises. Global Capability Centres (GCCs) have had a huge impact in making India a destination of choice for Engineering R&D. 40 per cent of global GCCs are present in the country today which demonstrates a tremendous opportunity for the country to scale up.
The proportion of digital tech in the overall technology services revenue has been increasing year after year. From around 26-28 per cent in FY20, to leapfrogging to over 32-34 per cent in FY23, there has been increasing penetration of digital tech in the industry. Interestingly, since 2010, 60 per cent of the total 266K tech patents filed in India are within emerging technologies.
Indian Startup Ecosystem
The country added 1,300+ new start-ups and 23 new unicorns in 2022. The country has also emerged as a hotbed for DeepTech startups in India, reaching a total of 3,000+ in FY23 wherein 485+ inventive DeepTech Start-up are developing innovative solutions.
