Indian technology sector to grow 8.4% in FY23 to $245 billion: Nasscom

Technology

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

The sector had revenues of USD 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.

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 USD 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 USD 500-billion sector by 2030.

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