Indian tech sector to grow 8.4% in FY23 to $245 bn: Nasscom

The Indian technology industry is set to grow by 8.4 per cent in FY23 to become a $245 billion sector, Nasscom said on Wednesday.

The sector had revenues of $226 billion in FY22, the industry lobby said in its strategic review. The cross currency headwinds have shaved off over 2 per cent of the revenue growth.

Nasscom president Debjani Ghosh said it will be difficult to make a prediction for revenue growth in FY24, but pointed to a chief executives’ survey which said they are “cautiously optimistic” about the new fiscal.

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The sector added 2.90 lakh new jobs to take the overall number to 54 lakh employees in the sector.

The top-five companies have a strong deal pipeline of $18 billion, but there are a slew of headwinds the sector is staring at, Ghosh told reporters.

The industry is well on its way to become a $500-billion sector by 2030.

The headwinds include the continuing geopolitical challenges triggered by the Ukraine-Russia war and the employability gap, she said.