Coronavirus Impact On Indian Technology Sector; 2.3 Percent Growth in Financial Year 2020-21 | India’s tech industry grew 2.3% in FY21, 1.3 million new hiring

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  • Coronavirus Impact On Indian Technology Sector; 2.3 Percent Growth in Financial Year 2020 21

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Indian technology sector grew by 2.3% year-on-year even during the Kovid epidemic. According to a Nescom report, digital transformation and tech adoption saw a boom in the financial year 2020-21. During this period the sector generated a revenue of $ 194 billion (about 14.13 lakh crore rupees).

It is expected that 138,000 new hiring were done during the financial year 2020-21. With this, the number of employees in this sector increased to 4.47 million (about 44.70 lakh).

8% contribution to GPD
The Indian tech industry has contributed 8% to the country’s GPD. 52% stake in service exports and 50% on the basis of Foreign Direct Investment (FDI). These figures are from April to September 2020.

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Domestic market gets 3.4% growth
Digital investment continues for the tech industry. Organizations are currently generating 28 to 30% of revenue according to the capabilities of the business model. Indian domestic market has grown by 3.4% last year due to demand for hardware. The focus of Indian companies is now on innovative products. Over the past 5 years, these companies have patented more than 115,000 tech.

The journey will continue in 2021
Debjani Ghosh, President of Nescom, said, “We are seeing that there is positive marketability from vaccination in 2021. India’s technology industry will continue to grow in the same way. We are ready to travel with changing technology.”

Cloud Adoption Will See 80% Growth
The tech industry saw 146 merger and acquisition deals in 2020. 90% of these were forged on digital format. Nescom has also stated in its report that the first half of 2021 will see 80% growth in cloud adoption of companies.

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