The tech industry will be doubling its headcount addition in to 1.25 lakh new jobs in the financial year 2024-25, from 60,000 in the last fiscal year, according to the Annual Strategic Review report by the National Association of Software and Service Companies (nasscom), released on February 24.
With this addition, about 58 lakh employees are now employed in the sector.
The development comes when the IT industry is seeing a turnaround in demand after 1.5 years, coming out of the pressure triggered by a macroeconomic slowdown in the key markets of the United States and Europe.
However, Nasscom has revised its previous projection of hiring in FY24 by almost 2.50 lakh employees. It had projected the tech sector to employ 54.30 lakh in FY24, but has now revised it to 56.74 lakh, according to the new numbers.
India's technology industry's revenue is expected to reach $300 billion at the end of the 2026 fiscal year. For FY25, Nasscom estimates growth of 5.1 percent for the tech industry in India, taking the total industry revenue to over $282.6 billion.
Including hardware, the industry added $13.8 billion worth of incremental revenue. “Enhanced AI implementation, the rise of Agentic AI, and the growing maturity of GCCs as value hubs are reshaping industry dynamics,” Nasscom chairperson Sindhu Gangadharan.
Sub-sectors which have emerged as key growth hotspots are engineering research and development (R&D), with global capability centres (GCCs) spanning across services and business process management (BPM).
Digital engineering is expanding into sectors such as BFSI, healthcare and retail, with nearly two-thirds of large deals centred around this shift, the report said.
Also read: Indian tech industry will add only 60,000 jobs in FY24 against 2.7 lakh in FY23: Nasscom
In 2024, the industry housed over 1,750 GCCs, reflecting a growing emphasis on high-value services and product engineering.
Nasscom said the industry exports revenue now indicates an equal split between Global MNCs (including GCCs) and Indian service providers.
Reacting to the report, Wipro's Chief Operating Officer Sanjeev Jain said the review strikes a prudent balance between celebrating India’s tech sector resilience and the complex realities of a fragmented global economy.
"At Wipro, we’re aligning with Nasscom’s call to prioritise growth fuelled by Al, Cloud, cybersecurity and emerging technologies for our industry to hit the $300 billion milestone in FY26 while navigating a dynamic and challenging landscape," Jain said.
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