Tech industry growth slows down to 3.8% in FY24, from 8.4% in FY23: Nasscom

Bengaluru: The technology industry in India is estimated to grow 3.8% year-on-year in financial year 2023-24 to over $253.9 billion, industry body Nasscom said in its annual strategic review on Friday. This is significantly lower than the 8.4% growth it had projected for the preceding fiscal year.

It comes on the back of a global economic slowdown, which compelled global clients to trim discretionary spending and optimise cost efficiency. A bulk of the revenue in the Indian tech industry flows from export of services to international markets such as North America and Europe.