Domestic technology industry`s revenue projected to grow 3.8% to $254 billion in FY24: Nasscom
National Association of Software and Service Companies (NASSCOM) has said that the domestic technology industry's revenue is projected to grow 3.8 per cent to $254 billion this fiscal (FY24).
Excluding hardware, the revenue is expected to touch $199 billion, a growth of 3.3 per cent over FY23. It stated the Engineering Research & Development (ER&D) sector alone contributed 48 per cent to the total export revenue addition in FY24.
It stated 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. It added this means the industry has added $9.3 billion incremental revenue in the fiscal. Further, 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.
