FILE PHOTO: A safety guard stands on the venue of National Association of Software and Services Companies (NASSCOM) India Leadership Forum in Mumbai
| Photo Credit: DANISH SIDDIQUI
Tech CEOs in the nation have been anticipating a revenue development uptick in the second half of the present fiscal amidst continued macroeconomic headwinds for FY2025, business apex physique NASSCOM stated on Friday.
With a roughly 50% slide in tech spending and 6% decline in tech contracts in 2023 globally, the Indian tech business, just like international markets, was at present navigating a tricky terrain, acknowledged NASSCOM Strategic Review.
Yet, rising at 3.8%, the business was anticipated so as to add $9.3 billion incremental revenue and the whole business revenue (together with {hardware}) was anticipated at $253.9 billion in FY2024, the research stated.
Rajesh Nambiar, Chairperson, NASSCOM, stated, “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.’‘
With digital tech spending expected to grow in 2024, the country’s tech sector would also witness the emergence of alternative demand sources, customer retention, and faster go-to-market strategies in newer markets for enterprises, he added.
On outlook for next year, Debjani Ghosh, President, NASSCOM said, “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, Reskill, Rewire growth and Raise IP and R&D investments.”
