India's tech industry is projected to reach USD 254 billion in revenue this fiscal, growing by 3.8% despite global challenges. Nasscom highlights the ER&D sector's significant contribution and job growth.
Photograph: Anushree Fadnavis/Reuters
Mumbai, Feb 16 (PTI) The domestic technology industry's revenue is projected to grow 3.8 per cent to USD 254 billion this fiscal, industry body Nasscom said on Friday.
Excluding hardware, the revenue is expected to touch USD 199 billion, a growth of 3.3 per cent over FY23.
The Engineering Research & Development (ER&D) sector alone contributed 48 per cent to the total export revenue addition in FY24, Nasscom said in its annual review.
The projected 3.8 per cent growth is despite a 50 per cent slide in tech spending and 6 per cent decline in tech contracts in 2023 globally.
This means the industry has added USD 9.3 billion incremental revenue in the fiscal, Nasscom said.
It said despite reports of massive retrenchments, the industry added net 60,000 jobs, taking the total headcount to 5.43 million in the year.
Home » Market News » Tech Industry Revenue to Hit USD 254 Billion This Fiscal: Nasscom
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
© 2024 Rediff.com India Limited. All rights reserved. Disclaimer - Terms of Service - Privacy Policy - Feedback