Indian IT on a strong wicket: Nasscom President Krishnan Ramanujam

Amidst the global economic headwinds, the Indian information technology sector remains on a pretty strong wicket as companies will continue to rely on technology to stay on top of the game. Stating this, Nasscom President Krishnan Ramanujam has told Business Today TV that technology remains crucial to drive growth and transformation.

Ramanujam, who is President, Enterprise Growth Group, Tata Consultancy Services, said the Indian information technology industry is in a great position. "During times of (economic) hardship, most companies need to tighten their belts. They need to make sure that they are on the top of the game in terms of efficiencies, for which technology is a very clear answer," he said.

Elaborating further, Ramanujam said when the economy is booming and companies are looking at growth and transformation, technology is the determinant of the business capabilities to drive growth and transformation in most companies. "The IT industry is in a good position to play a strategic role with customers, either in helping them manage macro headwinds that buffet most industries today or take on the opportunities that come from time to time. The last couple of years have been outstanding for the industry. On an overall basis, the industry is on a pretty strong wicket", he said.

Speaking as the head of Nasscom, the representative body of one of the most important industries in the Indian economy, Ramanujam said the IT sector alone exports more services than all other industries combined. India's IT industry revenues stood at $ 227 billion, rising nearly 15.5 per cent in the financial year ending March 31, 2022. This is the highest growth rate witnessed in over a decade and underlines the resilience of the sector. The sector employs over 5 million people and added nearly half a million to the workforce in the previous year, a trend which is expected to grow further.

For the coming years, Ramanujam said the industry was focused on reimagining India and ensuring that India is a pre-eminent digital talent hub for the world by ensuring that our educational institutions offer a curriculum that is relevant for the industry.