Nasscom forecasts 3.8% growth for IT industry in FY24

The domestic technology industry’s revenue is projected to grow 3.8% to $254 billion this fiscal, industry body Nasscom said on Friday.

Excluding hardware, the revenue is expected to touch $199 billion, a growth of 3.3% over FY23.

The Engineering Research & Development sector alone contributed 48% to the total export revenue addition in FY24, Nasscom said in its annual review.

The projected 3.8% growth is despite a 50% slide in tech spending and 6% decline in tech contracts in 2023 globally.

This means the industry has added $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. PTI