IT industry to see muted growth in 2023-H124: Gopalakrishnan

Mirroring global economic trends, the Indian IT industry is likely to show muted growth in 2023 and the first half of 2024, Infosys co-founder Kris Gopalakrishnan said during a press meet here on Monday.

“IT industry is a reflection of the global economy and global economy is slowing down, and hence the IT industry will slow down,” he reasoned, however adding that it is not a permanent slowdown.

According to IT industry body Nasscom, the Indian technology sector is set to grow 8.4 per cent in FY 2023 to reach $245 billion in size. This reflects an over 2 per cent revenue growth plunge on a year-on-year basis.