India's technology and tech services industry is expected to conclude FY24 with net revenues of $253.9 billion, up by a modest 3.8% from a year earlier in a difficult year for bellwether information technology (IT) services companies.
In its Strategic Review released on Friday, industry body Nasscom said that the sector will have to navigate weak contracts and subdued hiring activity factors that impacted Indian IT firms through 2023.
Despite spending by IT firms declining 50% and contracts falling by 6% compared to a year ago in 2023, Nasscom president Debjani Ghosh echoed the sentiments of chief executives of leading IT firms on the sector's resilience in addressing the challenging environment.
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