NEW DELHI: India’s IT sector is projected to grow by 5.1 per cent in the financial year 2024-25 (FY25), reaching revenues of $282.6 billion, industry body Nasscom said on Monday. The sector is expected to surpass the $300 billion mark in the upcoming fiscal, reflecting a 6 per cent rise from FY25 levels, Nasscom president Rajesh Nambiar announced at the Nasscom Technology Leadership Forum.
“This is a good outcome broadly, given everything happening around us,” Nambiar told reporters, commenting on the sector’s performance in FY25.
The tech industry’s workforce also expanded during the year, with 1.26 lakh new jobs added, bringing total employment in the sector to 58 lakh, according to Nasscom’s projections.
Among various segments, traditional IT services are expected to grow by 4.3 per cent to $137.1 billion in FY25, while business process outsourcing (BPO) revenues are set to rise by 4.7 per cent to $54.6 billion. The fastest-growing segment, engineering research and development (ER&D), is projected to expand by 7 per cent, reaching $55.6 billion.
Domestic revenues are also set to grow at a strong pace, rising 7 per cent to $58.2 billion, outpacing export revenue growth, which is expected to increase by 4.6 per cent to $224.4 billion.
Nambiar highlighted that export revenues remain evenly split between global multinationals and India-based IT firms.