The booming Indian technology sector. Can India be the new Silicon Valley?
According to Nasscom, the IT sector’s apex organization, the Indian IT industry has surpassed the $200 billion mark in overall revenue for the first time.
It is on track to reach $227 billion in FY2022, with a growth rate of 15.5 percent, the highest since 2011.
In FY2022, the Indian IT industry grew double-digits across sub-sectors, generating $30 billion in annual revenue and approximately 450,000 employment.
“For the Indian IT industry, the fiscal year 2022 has been a pivotal event. As we approach an era of exponential change and technology becomes vital to success, we are enthused about the potential in the ‘Techade.’
Nasscom Chairperson Rekha M. Menon stated.
With over five million IT workers, India has become a significant powerhouse for digital talent.
The digital tech skilled workforce is at 1.6 million people, rising at a CAGR of 25%, with one out of every three employees currently digitally proficient.
With over 1.8 million women in the workforce, the Indian IT industry is one of India’s significant private-sector women employers, employing over 36% of women.
With over 25,000 tech startups, India is the world’s third-largest startup ecosystem, with 42 new unicorns and 11 IPOs expected in 2021.
In 2021, about 2,250 tech startups were founded, with total financing of $24 billion, the largest amount ever raised.
The software products sector of the business has also matured, with over 2,000 software product firms and 1,000 SaaS companies in India.
With such a boom in the Tech sector, Is India destined to be the next Silicon Valley?
