<p>Bengaluru: The technology industry in India is estimated to grow 3.8% year-on-year in financial year 2023-24 to over $253.9 billion, industry body Nasscom said in its annual strategic review on Friday. This is significantly lower than the 8.4% growth it had projected for the preceding fiscal year.</p>.<p>It comes on the back of a global economic slowdown, which compelled global clients to trim discretionary spending and optimise cost efficiency. A bulk of the revenue in the Indian tech industry flows from export of services to international markets such as North America and Europe.</p>.<p>“In 2023..decision making stretched much longer than the usual, especially for large deals. And this had an impact. So you saw a lot of deals actually moving into next year," Nasscom president Debjani Ghosh underscored.</p>.<p>Revenue from exports (excluding hardware) during the year is estimated to grow 3.3% annually to touch $199 billion in reported currency, Nasscom said. In this, the engineering research and development sector alone will have a 48% contribution. Meanwhile, domestic revenue is pegged to register a 5.9% growth over the previous year to clock $54.4 billion in FY24.</p>.<p>Overall, the industry will see a net job addition of 60,000, with AI, cloud, data and cybersecurity emerging as top in-demand skills in 2023. In the year ago period, the tech industry created 2.7 lakh jobs.</p>.<p>The tech industry is also committing 60-100 hours each year per employee on upskilling, Nasscom said. According to the industry body, between 2023 - 2024 over 6.5 lakh employees received training in Gen AI skills. Artificial intelligence activity overall saw a 2.7 times growth in 2023, compared to 2022. </p>.<p>In Nasscom’s 2024 Annual Enterprise & Tech Services CEO Survey, over two-third of respondents said they expect better revenue growth in FY25, driven by factors such as strong deal pipelines leading to project implementation, expansion in GCCs, AI accelerating from PoC to production and increasing discretionary spending. Industries such as banking, financial services and insurance (BFSI), high technology and technology, media and telecom (TMT) that underperformed in 2023 are likely to improve in 2024.</p>
<p>Bengaluru: The technology industry in India is estimated to grow 3.8% year-on-year in financial year 2023-24 to over $253.9 billion, industry body Nasscom said in its annual strategic review on Friday. This is significantly lower than the 8.4% growth it had projected for the preceding fiscal year.</p>.<p>It comes on the back of a global economic slowdown, which compelled global clients to trim discretionary spending and optimise cost efficiency. A bulk of the revenue in the Indian tech industry flows from export of services to international markets such as North America and Europe.</p>.<p>“In 2023..decision making stretched much longer than the usual, especially for large deals. And this had an impact. So you saw a lot of deals actually moving into next year," Nasscom president Debjani Ghosh underscored.</p>.<p>Revenue from exports (excluding hardware) during the year is estimated to grow 3.3% annually to touch $199 billion in reported currency, Nasscom said. In this, the engineering research and development sector alone will have a 48% contribution. Meanwhile, domestic revenue is pegged to register a 5.9% growth over the previous year to clock $54.4 billion in FY24.</p>.<p>Overall, the industry will see a net job addition of 60,000, with AI, cloud, data and cybersecurity emerging as top in-demand skills in 2023. In the year ago period, the tech industry created 2.7 lakh jobs.</p>.<p>The tech industry is also committing 60-100 hours each year per employee on upskilling, Nasscom said. According to the industry body, between 2023 - 2024 over 6.5 lakh employees received training in Gen AI skills. Artificial intelligence activity overall saw a 2.7 times growth in 2023, compared to 2022. </p>.<p>In Nasscom’s 2024 Annual Enterprise & Tech Services CEO Survey, over two-third of respondents said they expect better revenue growth in FY25, driven by factors such as strong deal pipelines leading to project implementation, expansion in GCCs, AI accelerating from PoC to production and increasing discretionary spending. Industries such as banking, financial services and insurance (BFSI), high technology and technology, media and telecom (TMT) that underperformed in 2023 are likely to improve in 2024.</p>