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Indian IT industry revenues will grow in double digits in the current financial year

Wipro founder-chairman Azim Premji believes the Indian IT industry revenues will grow in double digits in the current financial year. Throughout the pandemic, which saw lockdown measures to curtail the spread of the virus, the information technology industry has kept the world running and has also adapted to the changes, Premji said, speaking at an event of the Bombay Chartered Accountants’ Society on Tuesday evening.

As per Nasscom, the IT industry revenues stood at $194 billion in FY21. The lobby group has ceased giving estimates of the topline growth a few years ago.

Companies will start reporting financial results for the first quarter from Thursday.

“This financial year (FY22), I’d not be surprised if the industry grows in very decent double digits,” Premji said, noting that despite the pandemic, the industry grew 2-3 and added 1.58 lakh new jobs on a net basis in FY21.

He said within weeks of the onset of the pandemic, the IT industry shifted to working from home and over 90% of the staff continues to deliver on projects remotely even now.

The ‘hybrid model’, where people work partially from home or from offices, presents a huge competitive advantage, Premji said, speaking about the model which is being spoken of as the future of work.

He said the hybrid model is very inclusive, with advantages like ensuring better participation from all parts of the country and also giving women the flexibility to continue with their careers.

“We will have to work together to figure out the optimal balance and optimal approach so that we strengthen India as the skill hub of the world,” he said.

Premji said the IT industry is well-positioned to drive the next phase of India’s growth and will contribute significantly to achieving the ambition of a $5 trillion economy.