Mumbai: As many as 95% of CEOs in the IT sector expect that hiring will be better in 2021 as compared to the last year, according to NASSCOM survey. More than 67% CEOs believe the sector is going to perform better in FY21 as compared to FY20.
NASSCOM projected the revenue growth of the information services sector at 2.3% in the financial year 2020-21 (FY21). It estimates IT companies’ revenue grew at $194 billion in FY21 as compared to $190 billion in FY20. Top Indian IT companies performed better than analyst in the second half of the financial year 2020-21.
The growth comes on the back of rapid acceleration in digital transformation and tech adoption by companies in the pandemic year, the IT industry body said in its Strategic Review 2021 titled ‘New World: The Future is Virtual’.
The growth in the IT sector was largely contributed by spends of companies on digital transformational and alignment to digital practices. Digital spends contributed 28-30% of the IT industry revenues.
The sector contributed almost 8% relative share to the national gross domestic product despite the Covid-19 disruption during the year. It also contributed as much as 52% relative share in service exports, 50% in total foreign direct investment from April to September 2020.
Revenue growth in IT primarily came from e-commerce which grew 4.8% to $57 billion followed by 4.1% growth in the hardware segment which scaled revenues of $16 billion on a year-on-year.
Source: ET Now News
