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India’s tech industry could be worth $500 billion by 2030

by Trend News
3 minutes read
India's tech industry could be worth $500 billion by 2030.

India’s fame is increasing in the digital world. By the year 2030, the country’s technology industry is on the way to double its earnings to reach $ 500 billion.

NASSCOM released it’s Strategic Review 2023- Priming for a ‘No Normal’ Future’ report on the sidelines of ‘NASSCOM Technology and Leadership Forum 2023’ in Mumbai.

Rapidly growing Indian tech sector

Nasscom estimates that the Indian tech sector will grow by 8.4% to $245 billion in FY22. At the same time, in its strategic review, Nasscom said that the total revenue of the tech sector in FY 2021-22 was US $ 226 billion.

During this period, IT service exports are expected to grow by 11.4% year-on-year to $194 billion. Household income is also estimated to increase by 13% on an annual basis to Rs 4.12 lakh crore (about $ 50 billion).

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NASSCOM President Debjani Ghosh said, “In the unusual environment we live in today, the industry’s focus is on investing for growth.”

He said, driven by forward policy, governance and digital trust, the tech sector is on its way to reach $500 billion by 2030.

Fast growing segment

Analytics, cloud computing and cyber security have emerged as the fastest growing segments. Nearly 50% of the industry is spending more than 20% of their total IT budget on digital.

The good thing in this is that Global Captive Centers (GCC) are continuously expanding in India.

Around 40% of GCCs globally are currently in India, which shows that the opportunities here are growing rapidly. India has added 65 new GCCs in a year, with which their total number has increased to more than 1,570.

In the year 2022, 1,300 new startups were formed in India, along with 23 unicorns have also emerged.

Employment increased in IT

According to the NASSCOM report, India’s IT workforce was 54 lakh in FY23. Out of which 36% were women. Of these, 20 lakh are digitally skilled. 2.9 lakh new jobs are being created in this industry in FY23.

NASSCOM Chairperson Krishnan Ramanujam said that many uncertainties remain. Delay in decision making due to economic uncertainty and inflation has resulted in reduction in demand in some markets. Along with new rules, lack of employment is emerging as new challenges.

NASSCOM Chairperson Krishnan Ramanujam said, ‘FY23 has been good for the industry, despite deteriorating global conditions, the sector has been able to consolidate its position.

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