In a statement released to the media on Tuesday,  the Union Information Technology (IT) Minister Ravi Shankar Prasad said that the media highly exaggerated the number of job cuts in the sector.

“The government is also keeping a close watch over… the IT industry and in next few days, the IT secretary is likely to meet industry leaders over the issue,” said the minister.

The IT-enabled services are the primary driving force of the Information Technology sector in India. The services contribute around $150 billion annually. However, the steps taken by the U.S. President Donald Trump for protection measures and most of the clients moving towards the digital technology, the sector has faced a hit recently.

Despite all this, Prasad sounded quite optimistic in his statement. He said that the IT Sector in India would show a turnover of $1 Trillion by 2022.

At present, the IT Sector offers a turnover of $270 million but considering the lined up startups, new financial technologies, and other cybersecurity projects, the sector is to grow at a rapid speed. The financial service market & electronics manufacturing market contribute $50 billion & $ 40 billion respectively.

McKinsey & Company was appointed by the government to speed up the growth of digital services in India. The central government would take any step on McKinsey’s recommendation. The NITI Ayog then would work with the state governments and will evaluate the preparations of the state governments to push digital services in India.

Prasad said that in last one year, there were many jobs created in the Industry. The Digital India Initiative garnered a great response and million of people were employed in Common service centers.

He also emphasized in the changing trends in the IT sector, by addressing that the sector is now inclined towards, e-commerce, fintech, start-ups, data analytics and cyber security which demands high skill levels. “The software industry may have to change its business model,” he added.

Talking about the H-1B visa, that is primarily used by IT companies to send their techies to the US, prasad says that the US government has taken many tightening steps recently and PM Modi in his visit to the US will surely discuss the same.

“Indians do not steal jobs, but rather create new jobs. Indian IT companies have created as many 400,000 jobs abroad and have given $20 billion in taxes,” the minister concluded.

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