Mumbai: The current decade being termed as the “techade” has seen accelerated technology adoption due to the pandemic, shortening the technology cycle, said Rekha Menon, chairperson of IT industry body Nasscom adding that the past year has been phenomenal for the industry.

The Indian IT services industry is expected to grow by $30 billion to cross the $200 billion revenue mark in the ongoing fiscal year, according to the Nasscom Strategic Review released on Tuesday.

“We had coined the term Techades to define a decade where technology will move away from being an enabler of business or governance and become the foundation for how we live, work and play. The pandemic actually accelerated the tech adoption and therefore has shortened the decade by several years. And today technology has become indispensable to progress and is the single biggest driver of change,” she said speaking at the Nasscom technology and leadership forum on Wednesday.

The IT services industry
is estimated to grow by over two times from pre-pandemic levels in fiscal year 2019, to $227 billion, and have a total workforce of 5 million, the industry body said in its yearly stock-taking exercise.

Nasscom president Debjani Ghosh added that the industry has a chance to reach a milestone of $350 billion revenue in the next 5 years due to this accelerated adoption. She further added that the industry will focus on working with the government to grow transformation, innovation and talent.

“As NASSCOM our dream is to ensure that this decade is not just known as our decade, because of the increasing role of technology in our lives or you know the growth of the technology industry in India. All of that must happen, but we have to ensure that this becomes known as India’s Techade. Because of the impact of technology in our lives, because of the role that the tech industry in India plays in ensuring that technology becomes truly human-centric,” said Ghosh.

Overall, exports are expected to contribute $178 billion to total revenues, growing by over 17% while the balance would be domestic, led by growth in hardware and products.

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