Indian IT industry Expectations in Relation to the Union Budget 2022

by Aratrika Dutta

January 27, 2022

Indian IT industry

2022 is believed to be an incredible year for the Indian IT industry & ITeS industry

The Indian IT industry is set to close the financial year ended March 2021 at US$194 billion in aggregate revenue, up 2.3% year-over-year, as per National Association of Software and Services Companies (NASSCOM) estimates on Monday. 

Deepak Mittal, CEO, and Co-Founder, TO THE NEW, says, “We believe 2022 will be an incredible year for the Indian IT & ITeS industry. Despite facing the worst hit during the second pandemic wave, IT spending in India was unaffected and is forecasted to increase by 7% this year. We believe the upcoming fiscal policy will encourage technology adoption. From a macro perspective, we expect it to support innovation and drive business resilience by leveraging new-age technologies.

Digital transformation should be an ongoing effort by the Indian government to pave the way for more agile and dynamic businesses. Prioritizing this effort would also result in hiring a workforce to deliver on the technological needs. Fueled by technological progress, India’s economic growth will increase exponentially.

It would be beneficial for our industry if the Budget also directs some resources on building a robust e-learning ecosystem, implementing online innovation, and scouting suitable technological tools to enhance the online learning ecosystem. We are eager for this year’s Budget announcement and what it has in store for this industry.”

“The Indian Startup Ecosystem has had a flourishing year in 2021. We now stand at 80+ unicorns since InMobi was the first Indian startup to achieve unicorn status in 2011. In the coming year, the government could supercharge this burgeoning wave by creating the scaffolding on which Indian innovation will be built. Atmanirbhar India lies at the heart of every entrepreneur’s dream”, says Piyush Shah, Co-founder, InMobi Group and President & COO, Glance.

“Favourable policies give the resources and support needed for this young ecosystem. They also send a strong signal on a world stage that Make in India is the fuel for a modern-day renaissance originating in the East. With over 60,770 officially recognized startups across 636 districts, India has become the world’s third-largest startup ecosystem and the strategic choice for investors across the world, thanks to its deep well of talent. A visionary budget for 2022 from the government will make them job creators and multipliers to remember in one of the largest and most exciting economies in the world” he concluded.

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