Amid all uncertainties, India, and within it the technology industry, has demonstrated an unsurprising story of resurgence and resilience.
Illustration: Chaitanya Dinesh Surpur
The last three years have been marked by immense change and transformation. The world we knew, characterised by stability and predictability, has given way to an era of volatility and uncertainty. Emerging technologies, geopolitical tensions, and conflicts have created a “no normal” world, where rapid shifts and differentiated growth opportunities are the new norm. Amid such upheaval, we've been forced to reconsider what we mean by “normalcy”. From emerging out of a deadly virus and its devastating repercussions across all areas to being able to revive businesses and build momentum for growth in 2021, to a more subdued global GDP growth estimate in 2022, the statement that ‘we are living in a VUCA world’, has never been so evident. We are still in the first quarter of 2023 and concerns in the banking sector are making headlines. `Amid all these, India, and within it the technology industry, has demonstrated an unsurprising story of resurgence and resilience. Being the only country with a GDP growth rate of 6.8 percent in 2022, India has emerged as a leader, a position that will be further strengthened by its G20 presidency this year. IMF also views India as one of the two countries that will be responsible for 50 percent of global growth in 2023. Leading from the front in this growth story is the technology industry. As per our current estimates, technology revenue from India is expected to cross $245 billion in FY2023, growing at 8.4 percent over FY2022, and we are on track to reach $500 billion by 2030. The industry is also set to add over 290,000 new jobs in FY2023E, taking the total industry workforce to over 5 million.
FY2023 has been the year of continued revenue growth with an addition of $19 billion over last year. There has been a sharp focus on strengthening industry fundamentals and building on trust and competencies. Driven by an increased focus on digital maturity and technology adoption across functions, all major markets are witnessing growth in exports, with the USA, Europe and the UK continuing to be the major growth markets at 10.4 percent, 7.3 percent and 7.5 percent, respectively in FY2023E.
(This story appears in the 21 April, 2023 issue of Forbes India. To visit our Archives, click here.)