The technology industry in India reached $253.9 billion in revenue with an addition of $9.3 billion incremental revenue in FY2024 (estimated), growing at 3.8 per cent from FY23, a Nasscom report said on Friday.
The technology industry added 60,000 net employees in FY2024 (estimated), with a total headcount of 5.43 million.
However, the focus on digital skills continued to remain strong with AI, Cloud, data and cybersecurity emerging as top in-demand skills for the industry, the report noted.
The Indian tech services export revenue (excluding hardware) is expected to touch $199 billion in reported currency, a growth of 3.3 per cent compared to FY2023.
“We do see FY2025 as the year of capability building as the new normal. Navigating the current challenges will require the industry to focus on 4Rs -- Reshape - accelerate transition to AI-first companies; reskill - make talent the biggest competitive advantage; rewire growth and raise IP creation and R&D investments,” said Debjani Ghosh, President, Nasscom.
The engineering research and development (ER&D) sector alone contributed 48 per cent to the total export revenue addition in FY2024.
Global Capability Centres or GCCs continue to invest in India, expanding their service portfolios at the same time new GCCs are setting up operations.
The industry saw an addition of 53 new GCCs in 2023, the report said.
“While headwinds like global economic slowdown, inflation, recessionary fears and geopolitical conflicts continue to pose challenges, we are confident that the industry will bounce back,” said Rajesh Nambiar, Chairperson, Nasscom.
With digital tech spending expected to grow in 2024, “We will also witness emergence of alternative demand source, customer retention, faster go-to-market strategies in newer markets for enterprises,” Nambiar added.
With continued investments by the government and enterprises in emerging technologies, India’s domestic sector emerged as the great propeller. Focus on application development, automation, verticalised products, software-as-a-service (SaaS), data migration for AI and Cloud enterprise spending are some of the notable drivers to this growth, the report showed.
“The industry is committing 60-100 hours per year per employee on upskilling,” the findings showed.
IMD and TU signs MoU for indigenous lightning detection system development
In a significant step towards enhancing India's capabilities in weather monitoring and research, a Memorandum of Understanding (MoU) was signed between the India Meteorological Department (IMD) and the Department of Physics, Tripura University.
Tripura Chief Minister hails Officers for promoting transparency in governance
Chief Minister Prof. Dr. Manik Saha today said that officers in the state government are playing a key role in making the administration corruption-free which is an example of Good Governance.
NEC Plenary to usher development for Tripura: CM
Tripura Chief Minister Prof. Dr. Manik Saha today said that the recently held Plenary Session of the North Eastern Council (NEC) will greatly benefit the state and other North Eastern states; as such meetings will bring more development works to this region.
Directorate of Revenue Intelligence seizes drug items worth Rs 56.525 Cr this December; 15 persons detained
In a major crackdown on the smuggling and trafficking of contraband narcotic drugs and psychotropic substances, the Directorate of Revenue Intelligence (DRI) carried out a focused operation in the month of December 2024 in the North Eastern Region.
CPI(M) opts for young leaders in Tripura, chooses 87 pc new faces in divisional committees
Around 87 per cent of new faces were elected as secretaries in the CPI(M)’s Divisional Committees in Tripura replacing old guards, a party leader said here on Tuesday.
PCC urges CM to disclose NEC's decisions before public
Tripura Congress President Asish Kumar Saha on Tuesday wrote a letter to the Chief Minister Prof. Dr. Manik Saha urging him to inform the citizens of the Tripura about what decisions were taken in the NEC Plenary Session for the development of Tripura and this region.
Tripura making significant strides towards rapid development: CM Dr Saha
Tripura Chief Minister Prof. Dr. Manik Saha today said that the present state government is committed to delivering good governance to all sections of society, with the state making significant strides towards rapid development.
Lok Sabha MP Biplab Kumar Deb slams Congress's dynastic politics
Former Tripura Chief Minister and current Lok Sabha MP, Biplab Kumar Deb, on Monday launched a scathing attack on the Congress party's dynastic politics, accusing it of surrendering power to the communists in the state due to family-based succession.