‘IT sector to see 11% growth in revenue’

The Indian IT industry will stage a ‘strong recovery’ in 2021-22 with a revenue growth of up to 11%, ratings agency Crisil said on Wednesday.

The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, Crisil said.

According to Nasscom, the IT services industry grew 2.7% to $99 billion in 2020-21. The wider industry including e-commerce, business process management and global back offices had grown 2.3% to $194 billion in last fiscal year.

Crisil said higher business levels, and more profitable digital deals will also help IT services players maintain healthy operating margins.

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