How was Business this Year?

Some insights into how the partner businesses fared this year

- DR ARCHANA VERMA

The forecast of the research agencies for the IT businesses for 2024 had been quite optimistic. Most reports had predicted growth in all segments. The major over arching trends suggest that overall, the Indian IT industry did very well.

According to the Deloitte Technology Trends 2024 report, FY2023 was a difficult year due to uncertainties, macro economic and geopolitical challenges and a global slowdown. Despite that, the Indian tech industry demonstrated resilience and continued to strengthen its position as atrusted global technology leader over the past two years. The Indian technology industry's revenue (including hardware) is estimated to reach US$254 billion (3.8 percent y-o-y growth) in FY2024, up by US$9 billion over the last year. Exports are poised to touch the US$200 billion mark, growing at 3.3 percent y-o-y, and the domestic technology sector is expected to cross US$54 billion, growing at 5.9 percent y-o-y.

GCCs

The Deloitte report further says that Global Capability Centres (GCCs) are taking the lead in 2024, demonstrating India's growing prowess in catering to international tech needs. With over 1,600 GCCs currently, India's GCC market is growing and creating its dominance globally. It is estimated that by 2030, the Indian GCC market would exceed US$100 billion, with ~2,500 GCCs across the country employing over 4.5 million people. There is also a strong focus on Engineering Research and Development (ER&D), positioning India as a global tech hub for cutting-edge solutions. ER&D contributed 48 percent, or US$2.88 billion, to the US$6 billion export revenue addition in FY24 from the financial year ended March 2023. This robust ecosystem fosters innovation across diverse sectors.