The IT industry is projected to grow 15.5 per cent at $227 billion in this fiscal —the highest since 2011, industry body Nasscom said. Debjani Ghosh, the president of Nasscom, said the current fiscal was a year of resurgence, with the previous fiscal — 2020-21 — one of resilience because of the pandemic.

Industry revenues had grown 2.3 per cent to $194 billion in 2020-21.

The industry association is confident of achieving the ambitious target of $350 billion by 2025-26, growing at a rate of 11-14 per cent. The industry has stopped giving growth projections for the next fiscal.

In its yearly strategic review for FY22, Nasscom said the industry added 4.5 lakh jobs to take the overall direct employees to 50 lakh. More than 44 per cent of the new hires were women. The total number of women employees were 18 lakh. Export revenue is projected to grow 17.2 per cent to $178 billion in the fiscal, while domestic revenues grew 10 per cent to $49 billion.

The survey said employees will be the key focus areas, with measures on upskilling and retention, while research and development investments will accelerate.

Rekha M. Menon, chairperson, Nasscom said, “Fiscal 2022 has been a breakthrough year for the Indian technology industry. We’ve posted solid, broad-based growth, massively increased jobs, and are proud that we continue to be an engine for India’s economic growth.”

According to the Nasscom Tech CEO Survey 2022, over 70 per cent of the CEOs believe 2022-23 is poised to be a growth year for the industry. The current demand trends on technology spending and economic growth point to a positive outlook on spending and hiring.