Indian Tech Industry To Reach $245 Billion In FY23: NASSCOM NASSCOM's this year's flagship report focused on the theme 'Resilience to Resurgence' that explored how various stakeholders partnered together to navigate the challenges posed by the pandemic and overcome these successfully
By Teena Jose •
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A recent estimate by NASSCOM stated that Indian tech industry has remained resilient despite an uncertain macroeconomic environment and is expected to hit $245 billion in revenue terms in FY23. The industry had grown at 15.5% -- its best in a decade -- to $226 billion in FY22 as the changes brought about by the Covid pandemic made technology a necessity for clients.
To understand the business sentiment for 2022 (FY2023), NASSCOM conducted its annual survey of both end-user enterprises and tech CEOs. The survey has revealed that chief executives are "cautiously optimistic" about the future, and the industry lobby also declined to share its target for FY24, added the report.
"FY23 has been another growth year for the industry creating impact for the country and all our stakeholders. Despite global headwinds and some moderation in demand, the industry value proposition of resilience, agility and a transformation partner for global enterprises, enabled the industry to strengthen its leadership in core and emerging areas," said Krishnan Ramanujam, chairperson at NASSCOM, in a statement.
NASSCOM's this year's flagship report focused on the theme 'Resilience to Resurgence' that explored how various stakeholders partnered together to navigate the challenges posed by the pandemic and overcome these successfully.
According to the NASSCOM Enterprise CXO Survey 2022, 60% CXOs indicate a 6% higher tech spend in 2022 over 2021, with focus areas around customer service, supply chain and sales and marketing. The survey further stated that the industry is all set to cross 5 million in total direct workforce, a highest-ever net addition of 445,000 whereas the "people first employee-centric" approach saw tech firms quickly adapt to hybrid work models and scale up the industry's digital capacity/capability building programs.
