Thursday, March 30, 2023

The Indian technology sector is projected to be worth $245 billion in FY23

Despite the global uncertainties, the Indian technology sector is expected to grow to $245 billion in FY23 from US$226 billion in FY22, according to forecasts provided by industry umbrella body Nasscom. To reach US$500 billion by 2030, the IT industry is on pace and prepared.

Despite a 2% reported cross-currency impact, the current fiscal year has been one of consistent growth. Nasscom’s Strategy Review 2023 states that the IT industry is thriving in all areas, including domestic market, business process management, software product, ER&D, and software development.

The revenue from India’s export of services is projected to reach $194 billion, a growth of 9.4 percent from FY22.

Nasscom chairman Krishnan Ramanujam said, “FY23 has been another development year for the industry creating effect for the country and all our stakeholders. The industry’s value proposition of “resilience,” “agile,” and “a transformation partner for global organisations” allows it to strengthen its leadership in both traditional and emerging markets, despite the tempered demand.

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