India's Tech Industry Set to Surge to $350 Billion by 2030

CIOTechOutlook Team | Friday, 20 December 2024, 09:00 IST

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India's technology sector is set to grow to $350 billion by 2030, increasing from $254 billion in the 2023-24 fiscal year, according to Nasscom's president Rajesh Nambiar. The growth of the sector indicates a CAGR of 6.4%.

"We will work towards getting to about a $350-billion mark by 2030. Of course, the growth rate came down significantly in the last two years. But even with all of that, we are seeing a lot of green shoots. I believe that we are in a pivotal moment. The emergence of GenAI has transformed the global landscape. Our focus must transition from AI PoCs to achieving measurable return on investments that we can put together on the board," said Nambiar. He succeeds his predecessor Debjani Ghosh, who completed her term in Nov. Prior to that, Nambiar was chairman and MD of Cognizant India.

Nasscom originally projected the technology sector's revenue to reach $350 billion for FY26, fueled by the demand for cutting-edge technologies like cloud computing and analytics. Nonetheless, the IT industry association had to revise these growth projections, pushing back the timeline by five years to reach the desired figures. The Indian IT services industry experienced a notable decline in the previous fiscal year, showing little growth in revenue and jobs.

IT exports increased slightly by 3.3% in constant currency, totaling $199 billion in FY24. This indicates a significant drop from last year's 11.4% growth, signifying one of the sector's lowest growth figures.

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