Big decline in IT industry, will only touch the figure of 250 billion dollars, new jobs will also be less.

NESCOM Report: The growth of the country’s IT industry is estimated at 3.8 percent this year. Also, it will only cross the $250 billion mark in FY 2024. NASSCOM has said that the growth rate of the IT industry last year was 8.4 percent. This year it has decreased. With this slow growth rate of the information technology industry, it will be difficult to touch the $350 billion figure by 2026.

Half was spent on tech worldwide.

In its report, Nasscom has said that the IT industry could be worth $253.9 billion in fiscal year 2024. Compared to the previous financial year, the growth rate has come down significantly. This has a clear impact on earnings as well. New revenue was $19 billion in FY2023, compared to just $9.3 billion in FY24. NASSCOM has said that worldwide spending on technology has come down by 50 percent. Apart from this, technical contracts have also decreased by 6% in 2023.

The IT industry is moving slowly.

NASSCOM President Debjani Ghosh said that we have collected the data for 2024 based on the performance of 2023. There is immense potential in the IT industry. We are keeping an eye on them. The IT industry in India is growing despite the decline worldwide. NASSCOM Chairman Rajesh Nambiar said that the IT industry is moving slowly. This is a good thing.

60 thousand new jobs can be created.

According to the report, around 60,000 new jobs can be created this year. However, this figure is much lower than the 2.90 lakh in FY2023. About 60 to 100 hours can be allocated for skill development of each employee in the IT industry. Both income and employment are expected to increase this year. In NASSCOM’s survey, most CEOs expect the situation to improve in the second half of FY2024. They hope clients will also increase their budgets. However, many fear that the situation will remain the same in 2023.

There is also a lot of work going on in artificial intelligence.

There is also a lot of work going on in the IT industry regarding Artificial Intelligence (AI). According to NASSCOM, about 70 percent of companies have made preparations for it. AI activities have increased almost 9 times. However, it is hoped that AI will not cause many job losses in India.

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