Tech industry growth projected to halve to 3.8% in FY24 compared to FY23

India’s technology industry is projected to have earned $253.9 billion in revenue in Financial Year 2023-2024 (FY24), marking a slower year-on-year (Y-o-Y) growth rate of 3.8 per cent, according to a report.

Moneycontrol.com, while citing the Annual Strategic Review report of the National Association of Software and Service Companies (Nasscom), said the industry’s growth projection has slowed to a lower single-digit figure compared to the 8.4 per cent forecasted in FY22. This slowdown in FY24 is attributed to delays in deal closures, uncertainties arising from tech budget reductions among customers, layoffs, and macroeconomic challenges.