Will not be surprised to see double-digit growth in the IT sector in FY22: Azim Premji

The Information Technology (IT) services industry will have a hybrid model, going forward and there will be some major changes that are going to happen, Founder and Former Chairman of Wipro Azim Premji said. Premji said that days after the first lockdown last year, around 90 percent of the workforce in the IT sector started working from home. 

Most of them are still working from home, he added. It is only because of the IT sector that many other sectors have been able to perform smoothly despite disruptions.    

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He went on to say that women employees have benefitted from flexible work hours. He was speaking at the 73rd anniversary of Bombay Chartered Accountants’ Society foundation day. 

On the future of the Indian IT Industry, Premji said that the sector generated 1.58 lakh new employment last year and the sector saw 2-3 per cent growth, despite the onslaught of the pandemic. He said that he will not be surprised if the sector witnesses a double-digit growth in this financial year.  

Key takeaways of Azim Premji’s address: - 

1. A double-digit growth for IT sector in FY22.  
2. Paradigm shift in the functioning of IT industry amid the pandemic.  
3. Sometimes disruptions act constructively for a business. 
4. Strategy needs to be changed for the IT industry. The future for this sector is a hybrid model. 

He was of the opinion that the IT Industry will play a decisive role in India’s quest to become a USD 5 trillion economy. 

Bombay Chartered Accountants’ Society or BCAS is a voluntary organisation established on 6th July 1949. It has more than 9,000 members from all over the country. BCAS is a principle-centered and learning-oriented organisation promoting quality service and excellence in the profession of Chartered Accountancy, according to the website. 

The organisation acts as a catalyst to bring out better and more effective Government policies and laws in order to have clean and efficient administration and governance, BCAS website claims.