Indian tech industry to add 1.38L new jobs in FY21

Good morning!

Amid COVID-19, many people around the world, across industries, lost their jobs, but things seem to be looking up now.

According to NASSCOM, the Indian IT industry is expected to close FY21 with over 1,38,000 net new hires, taking the total employee base to 4.47 million. 

Interestingly, the Indian IT sector continued to gain traction — even as global output shrank by 3.2 percent due to the pandemic — growing at 2.3 percent year-on-year on the back of rapid acceleration in digital transformation and tech adoption.

NASSCOM added that the industry will close FY21 with a revenue of $194 billion.

Earlier this year, the regulatory body also stated that 1,600 new companies were added to the Indian tech startup ecosystem in a report, adding that it is seeing growth at a scale of 8-10 percent year-on-year.

Here’s hoping for a new normal — a better normal.

Also read: In a previous interview with YourStory Media, Debjani Ghosh, President of NASSCOM, talks about startups struggling amidst COVID-19, steps the government could take to alleviate them, and key learnings to derive from this pandemic.

The Interview

With accelerated growth and increased digitisation, SaaS platforms are now focusing on Application Security as a key enabler for the growth of companies. Indusface's Venkatesh Sundar, PayPalNath Parameshwaran, HackerRankCo-founder Harishankaran K, Capillary Technologies CTO Pravanjan Choudhary, and Darwinbox' Prithvi R discuss the impact of security and why SaaS companies need to rethink security tools. 

Editor’s Pick: Techie Tuesday

Saiman Shetty's love for technology and engineering grew when he got a computer at home when he was studying in Class 4. His moment of epiphany came when he worked on building a Teslacoil, designed by scientist Nikola Tesla as a wireless method of transmitting electricity, in college. For Saiman, there was no turning back. He went on to develop powertrain systems at Elon Musk's Tesla, worked at Lyft’s autonomous vehicle division, and has launched two startups. Read more.

Startup Spotlight

This startup aims to deliver quality drinking water to your doorstep

For many professionals, working in a new city invites water management hassles as many face challenges in gaining access to quality drinking water. Hyderabad-based The Water App solves this issue by monitoring supply chain management of water, including doorstep delivery to end users, inventory management, business intelligence reports, and live tracking. Read more.

News & Updates

• Despite the COVID-19 pandemic, India’s IT sector is expected to close FY21 with a revenue of $194 billion, according to NASSCOM. The industry is expected to add over 138,000 net new hires in FY 2020-21, taking the total employee base to 4.47 million.

• The SC asked the Centre and WhatsApp to reply to a fresh plea, alleging lower standards of privacy for Indians compared to European users. It said that citizens have great apprehension about the loss of their privacy, and think their data and chats are being shared with others. 

• With over 150 percent growth in DAUs, Snapchat has seen its user base cross the 60 million-mark in India. Snap Inc MD (International Markets) said it aimed to continue building on the growth momentum across product development, partnerships, and the AR experience.

• Onelife Nutriscience, which owns and operates the consumer healthcare brand Onelife, has secured undisclosed funding from Wipro Consumer Care Ventures. The Mumbai-based company will use the funds for its next level of growth.

• Indian Angel Network is planning to invest over Rs 100 crore in startups across sectors in 2021, according to a governance committee member and co-founder of the network. IAN will evaluate opportunities in biotechnology, AR, manufacturing, and environment for new investments.

Before you go, stay inspired with… 

"As a startup founder, you need to know only a few things — talk to your users at every stage. You have to talk to your users to build something they want, and do it as frugally as possible. Don’t get caught up in valuations as a milestone."

— Anu Hariharan, Partner, Y Combinator’s YC Continuity Fund

Now get the Daily Capsule in your inbox. Subscribe to our newsletter today!