After a research claimed that the Indian IT-BPM sector might lose 3 million jobs by 2022, IT industry group NASSCOM clarified that the sector is still a net hirer of qualified personnel.
According to a recent research by Bank of America (BofA) Securities, Indian IT outsourcing businesses might witness a 30% drop in low-skilled employment globally by 2022 as a result of robotic process automation upskilling. According to the study, this equates to a loss of 3 million employment.
NASSCOM reponded by stating, “With the evolution of technology and increasing automation, the nature of traditional IT jobs and roles will evolve overall leading to creation of newer jobs. The Industry continues to be a net hirer of skilled talent, adding 138,000 people in FY2021.”
According to the agency, the industry has also upskilled 2.5 lakh people in digital skills and employed 40,000 new staff. With a robust transaction pipeline, it is expected to grow to a $300-350 billion sector by 2025, according to the agency. Currently, the IT-BPM sector generates around $194 billion in sales.
Furthermore, NASSCOM stated that automation and RPA have matured in the previous three years, resulting in net job growth in the BPM industry. Also, they stated that the addressable market for BPM is $180-220 billion, according to a NASSCOM-McKinsey Report, leaving substantial headroom for development and jobs.
The Indian IT industry has benefited greatly even during the pandemic. During the pandemic, IT businesses won a record number of deals. TCS, for example, logged agreements at a record $9.2 billion in Q4 FY21, its biggest ever in a quarter and part of a total of more than $31.5 billion during the previous year. Its competitor Infosys received $14 billion in total revenue, with more than 60% of it coming from net new business. In Q4 FY21, Wipro signed 12 major contracts totaling $1.4 billion in contract value.
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Hello, my name is Anuj Boruah. I am quite interested in writing about current events in business, finance, and the economy. I work as a newswriter at Reviewminute.