Indian Tech Sector To Grow 8.4% In FY23 To $245 Billion: Nasscom

The Indian technology industry is set to grow by 8.4% in fiscal 2023 to become a $245 billion (Rs 20.21 lakh crore) sector, Nasscom said on Wednesday.

The sector had revenues of $226 billion (Rs 18.64 lakh crore) in the financial year 2022, the industry lobby said in its strategic review. The cross currency headwinds have shaved off over 2% 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.

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 (Rs 1.48 lakh crore), 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 (Rs 41.25 lakh crore) sector by 2030.

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