News on Medial

CEOs Anticipate Revenue Growth Uptick in H2 2024 Amidst Continued Macroeconomic Headwinds for FY2025

OutlookIndia · 9m

A recent report by Nasscom highlights that the technology industry in India is focusing on efficiency and reinforced business fundamentals in the face of global economic slowdown. The industry grew by 3.8% in FY2024, adding $9.3 billion in incremental revenue. Sub-sectors like Global Capability Centre (GCC) and ER&D saw growth, with ER&D alone contributing 48% to total export revenue. The report also mentions the domestic sector's growth, driven by investments in emerging technologies and digital spending among Indian enterprises. Furthermore, companies are investing in upskilling their workforce in AI, cloud, data, and cybersecurity. Despite macroeconomic challenges, CEOs expect technology spending to increase in 2024, with industries like Hi-Tech, BFSI, and TMT predicted to improve.