In FY23, the Indian technology sector is expected to expand by 8.4% to reach a value of USD 245 billion. The industry lobby reported in its strategic review that the sector generated USD 226 billion in revenues in FY22. Around 2% of the revenue growth has been lost due to currency headwinds.
The sector added 2.90 lakh new jobs to take the overall number to 54 lakh employees in the sector. The top-five companies have a healthy deal pipeline worth USD 18 billion, but the industry is facing a number of challenges.
By 2030, the sector is on track to generate 500 billion dollars. Together with the employability gap, there are still pressing geopolitical issues brought on by the conflict between Ukraine and Russia.