INFORMATION TECHNOLOGY (IT) INDUSTRY: RESHAPING A NEW DEVELOPMENT PARADIGM
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- Industry Report
- INFORMATION TECHNOLOGY (IT) INDUSTRY: RESHAPING A NEW DEVELOPMENT PARADIGM
The Information Technology (IT) industry of India has come a long way from the modest beginning in 1967 when the Tata Group in collaboration with Burroughs established the first software zone, SEEPZ in Mumbai. Since then, the IT industry has grown manifold in terms of income, output, employment and exports and emerged as a major driver of economic growth and structural transformation in India.
The IT industry includes companies in the computer hardware and software, semiconductor, electronics, telecom equipment, Internet services, and e-commerce sectors. In other words, Information Technology in India is an industry consisting of two major components: IT services and business process outsourcing (BPO). The NASSCOM’s flagship report the Strategic Review: The Technology Sector in India, published on 15 Feb 2022, highlighted that FY2022 marks an inflection point for the industry; in which the industry crossed $200 billion in total revenue and 5 million in total workforce. Further, the report has analysed six global megatrends (namely, global talent pool transformation, supply chain replanning, big tech regulation, ESG-led business models, formalisation of Circular Economy and Technology for Good @Pace and Scale) that have become prominent as a result of the pandemic and the leveraging of technology to address these areas.