resurgence

“The target of crossing 200 bn in the industry was a cherished target which has been achieved, it is now time to move on to 300 bn target (INR)” Union Minister Ashwini Vaishnav

By Urvi Shrivastav

The last two years have been hard on the Indian economy, but not one to shut it down. Exhibiting the spirit of enterprise, Indian industry has resurged from crisis and how. This year has begun with technology companies gaining even more traction, while the IT sector has seen a boom in employment. All this while top leadership has accommodated to changing circumstances and served as a guiding light. 

               Image: Strides Made In India by NASSCOM

Recognising these factors, NASSCOM released its ‘Strategic Review of 2022’  talking about the year that has been in the Indian industry and what one can expect in times to come. Their comprehensive output serves as a a barometer of the health of the industry and what is to come in the immediate future. Some of the key highlights of their report include, 22 Billion USD revenue in the last fiscal year, along with creating 4.5 lakh new jobs in the IT sector, pushing up the employment strength of the industry to 50 lakh. This also includes 200,000 additional women, totalling to 18 lakh, indicating the strong push applied to getting women back in the workforce.

                 Image: Nasscom Industry Highlights

Some other highlights also include an increase in tech services with over 6000 Indian tech services companies in India, in addition to a whopping 25,000 tech startups, and 78 unicorns. Talking about the accelerated development we have witnessed in the last year despite the lockdown, Union Minister Ashwini Vaishnav notes, “The target of crossing 200 bn in the industry was a cherished target, time to move on to 300 bn targets.” He also lays stress on multiple dimensions India has to focus on, namely, expanding to tier 2 and tier 3 cities, OSB reforms already in place, and more reforms to come, new opportunities including 5G which was readily adopted in India, and the like. He also adds, “The government is willing to provide support in any shape and form that the industry requires.” Krishnan Ramanujan Vice President Nasscom further adds that the organisation will continue to drive growth in times to come.

A key factor when looking at industry growth is what the leaders believe the past growth has been and what the future growth will be. NASSCOM recognises the importance of effective leadership and has hence conducted its annual CEO survey.

                 Image: CEO Survey Highlights by NASSCOM

We are moving towards a hybrid workspace, and the tech industry has evolved to such an extent that remote working will no longer remain a challenge. SaaS companies continue to spread their wings in the technology domain, with cloud adoption remaining the top agenda. Another key area of focus is going to be sustainability, inclusivity, emotional intelligence, empathy, and partnership. Given the importance placed on mental health and the importance of leadership, these are going to be factors we cannot ignore moving forward.

                 NASSCOM On Thought Leadership

In a nutshell, we are poised for growth in 2022, with FY 2023 poised to grow even further. This will be accomplished by putting the employee first, while working on research, technology while promoting inclusivity via a future ready approach.