IT services sector to witness revenue growth decline by 700- 900 bps in fiscal 2024

The information technology (IT) services sector will witness a decline in revenue growth by 700- 900 basis points to reach 10-12 per cent in fiscal 2024 courtesy the global macroeconomic and financial sector headwinds in key markets. According to a CRISIL Report, the decline will follow a strong 18-20 per cent revenue growth in fiscal 2023 which was majorly due to a sharp depreciation of 7-8 per cent in the rupee and ~19 per cent in fiscal 2022.