Tech Industry Growth 2024: Nasscom recently predicted in its annual strategic review on Friday that the technology sector in India will reach over $253.9 billion in the fiscal year 2023–2024, growing 3.8% year over year. Compared to the 8.4% growth it had predicted for the previous fiscal year which is a considerable decrease in the growth rate
The slowdown follows a global economic downturn that forced clients all around the world to reduce discretionary expenditure and maximize cost-effectiveness. The majority of the revenue made by the Indian tech sector comes from the export of services to foreign markets like Europe and North America.
What Exactly the Nasscom’s Report Says?
According to the Nasscom report, revenue from exports apart from hardware is expected to increase by 3.3% yearly during the year to reach $199 billion in reported currency. However, only the engineering research and development industry will contribute 48% of this. It is also anticipated that domestic revenue will increase by 5.9% in FY24 to $54.4 billion from the previous year.
Jobs Growth in the Tech Industry
The industry will witness a net employment growth of 60,000 overall in 2023, with cybersecurity, AI, cloud, and data emerging as the most in-demanded verticals. The tech sector generated 2.7 lakh jobs in the same period last year.
According to Nasscom, the tech sector also invests 60–100 hours annually on upskilling for each employee. The trade association claims that approximately 6.5 lakh workers obtained training in Generative AI skills between 2023 and 2024. The total amount of artificial intelligence activities increased by 2.7 times in 2023 over 2022.
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