US is going to see a muted growth, not recession in 2023-24: Tech Mahindra

Amid the tech industry is going through a tough time with top players, including Google and Amazon, reportedly laying off more than 50,000 employees in the first month of 2023, Tech Mahindra said on Thursday that the company is in the process of hiring more people. A top company executive said that the US is going to see a ‘muted growth and not recession’ in 2023-24.

Lakshmanan Chidambaram, President (Americas), told Business Standard that it expects to increase the share of the US in total revenue to 60 per cent in the next four years, from around 47.9 per cent now. The company also expects its revenue to grow by 8.8-9 per cent during the current financial year, driven by a rise in total contract value.