NASSCOM on IT growth

NASSCOM rejected reports that estimated the IT industry to lay off some 56,000 people and said the sector, which is aiming for $350 billion of exports by 2025, has in fact been a net creator of jobs. While the industry body termed the numbers “grossly exaggerated,” it acknowledged that increasing automation may eat up a section of the jobs.

But new areas, such as cyber security, Internet of Things (IoT), robotics, artificial intelligence and machine learning, are creating new opportunities. “The need for re-skilling talent is a reality that we have to address. To keep up in a fast-evolving technology environment, the IT industry must reinvent itself by re-skilling its employees in new and upcoming technologies,” said Raman Roy, chairman of NASSCOM.

The industry, with a total revenue of $154 billion, currently employs close to 3.9 million and is hoping to create 2.5-3 million new jobs by 2025. NASSCOM said half the workforce has already been skilled in new technologies and that the industry body is looking at new programmes to skill more employees.

Source: Economic Times