IT industry has potential to grow to $300 bn revenue in next few years, says Kris Gopalakrishnan

The industry has significant opportunity for the next 30 years, with every business getting transformed to IT

The IT industry in the country will touch $300 billion revenue by 2022, if not in 2020, since it has the potential to grow higher, said Kris Gopalakrishnan, co-founder of Infosys. He said that the IT industry in India is growing faster than the global average growth of the sector.

Speaking in the valedictory session of Connect 2016, an international conference on Information & Communication Technology (ICT) organised by Confederation of Indian Industry (CII), he said, "McKinsey study for NASSCOM clearly says that the industry can go to $300 billion in revenue over the next few years. When they did this report, the industry was growing at 15 per cent, so they had projected 2020, but if not then, by 2022, I strongly believe that the industry will become $300 billion revenue."

The country has five out of the top ten companies in the world, experienced leadership, large employee base, which is second only to the US, which are the strengths which could take the industry to the expected growth level. The growth of the industry in India is faster than the global growth.

"Global growth of IT is three to four per cent, whereas Indian IT industry is still growing at 8-10 per cent. So it is growing faster than the global average. This is why I am very confident - the experience leadership, financial strength of the company, the brand of the company, etc," he said.

He added that next thirty years will have significant opportunity for IT to make an impact on every aspect of business. Every business will get transformed because of IT and the innovations happening in IT. This is an industry that can double the size over the next five to 10 years, he added. The state and central government has to support the industry.

The Indian IT industry is about $160 billion in revenue, about nine per cent of India's GDP, 25 per cent of India's exports, employs 4 million people.

"Over the years it has grown at 35-50 per cent, now it is growing at 10 per cent. But even at 10 per cent, it has a potential to create a large number of jobs. This is one of the few sectors in the country today, which is creating a large number of employment in the organised sector. This year, it is expected to add, between one lakh to two lakh jobs. The potential for job creation is significant in the sector. This industry is recognised worldwide as a competitive industry. The brand of India and Bengaluru, is primarily because of IT. India has a rich history of creating worldclass organisations and they are today the strength of the country. This industry has the potential to continue to grow," he added.