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Estimate the number of people employed in the Indian IT sector | Guesstimates - Interview Preparation PDF Download
To estimate the number of people employed in the Indian IT sector, we can follow these steps:
1. Estimate the total workforce in India
As of 2021, India's population is approximately 1.38 billion. Assuming that around 65% of the population is between the working age group of 15-64 years, we have around 897 million people in the working age group. However, not everyone in this age group is employed or seeking employment. As of 2021, India's labor force participation rate is around 50%. So, the total workforce in India is approximately 449 million (897 million * 0.50).
2. Estimate the percentage of the workforce employed in the services sector
India has a diverse economy consisting of agriculture, industry, and services sectors. The services sector is the largest employer, contributing to more than half of the country's employment. According to the International Labour Organization (ILO), around 32% of the total workforce in India is employed in the services sector, which translates to approximately 144 million people (449 million * 0.32).
3. Estimate the percentage of the services sector workforce employed in the IT sector
The IT sector is a subset of the services sector, which also includes industries such as finance, healthcare, retail, and hospitality. According to NASSCOM, the IT sector contributes around 7.7% of India's GDP in 2020. Assuming that the IT sector's employment share is proportional to the GDP contribution, we can estimate that 7.7% of the services sector workforce is employed in the IT sector. This translates to approximately 11 million people (144 million * 0.077).
4. Account for potential discrepancies
It is essential to keep in mind that these calculations are based on assumptions and approximations. The actual number of people employed in the Indian IT sector might be slightly different due to factors such as varying labor force participation rates, underemployment, and other economic factors that may impact the IT sector directly or indirectly.
So, based on the guesstimate approach, we can estimate that around 11 million people are employed in the Indian IT sector.
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