Nasscom predicts IT industry to surpass $ 250 bn, growing by 3.8% in '24

21 Feb 2024 CW Team

The deceleration in growth is evident in incremental revenue addition, which has decreased from $ 19 billion in FY23 to $9.3 billion in FY24. According to Nasscom reports, global tech spending has declined by around 50 per cent, and there has been a 6 per cent decrease in tech contracts in 2023.

Debjani Ghosh, President, Nasscom, expressed the need to reassess the target of $ 350 billion by 2026 based on the performance in 2023 and how 2024 unfolds. Despite challenges, India remains the world's largest sourcing hub, contributing 1 per cent to the country's GDP through digital public infrastructure.

Rajesh Nambiar, chairperson of Nasscom, acknowledged the industry's muted growth in FY24 but highlighted its continued expansion. Despite the economic downturn, the Indian tech industry remains a net hirer, focusing on upskilling. The industry is expected to add 60,000 jobs in FY24, a significant decrease from the 290,000 added in FY23.

The strategic review emphasizes the industry's commitment to spending 60-100 hours per year per employee on upskilling. While hiring numbers may be subdued, the CEO survey indicates improved outlook for both revenue and hiring.

Green shoots in the industry include growth in engineering, research and development (ER&D), global capability centres (GCCs), and artificial intelligence (AI). GCCs are expanding in India, with 53 new additions in 2023. Domestic revenue saw a notable growth of 5.9 per cent, outpacing exports.

Regarding AI, the industry is actively working on it, with over 70 per cent having well-defined frameworks for financing use cases and over 10 generative AI use cases. While there is a ninefold increase in GenAI activity in CY23, the impact on hiring remains uncertain.

Debjani Ghosh noted that, currently, there are no job losses due to AI, but acknowledged the challenge of technological change outpacing the ability to skill people.

The aspiration for the Indian information-technology (IT) industry to reach $ 350 billion by 2026 appears challenging as its growth rate has dropped to a low single digit. It is projected to reach $ 253.9 billion in FY24, growing at 3.8 per cent year-on-year, a decline from the 8.4 per cent in the previous financial year. The deceleration in growth is evident in incremental revenue addition, which has decreased from $ 19 billion in FY23 to $9.3 billion in FY24. According to Nasscom reports, global tech spending has declined by around 50 per cent, and there has been a 6 per cent decrease in tech contracts in 2023. Debjani Ghosh, President, Nasscom, expressed the need to reassess the target of $ 350 billion by 2026 based on the performance in 2023 and how 2024 unfolds. Despite challenges, India remains the world's largest sourcing hub, contributing 1 per cent to the country's GDP through digital public infrastructure. Rajesh Nambiar, chairperson of Nasscom, acknowledged the industry's muted growth in FY24 but highlighted its continued expansion. Despite the economic downturn, the Indian tech industry remains a net hirer, focusing on upskilling. The industry is expected to add 60,000 jobs in FY24, a significant decrease from the 290,000 added in FY23. The strategic review emphasizes the industry's commitment to spending 60-100 hours per year per employee on upskilling. While hiring numbers may be subdued, the CEO survey indicates improved outlook for both revenue and hiring. Green shoots in the industry include growth in engineering, research and development (ER&D), global capability centres (GCCs), and artificial intelligence (AI). GCCs are expanding in India, with 53 new additions in 2023. Domestic revenue saw a notable growth of 5.9 per cent, outpacing exports. Regarding AI, the industry is actively working on it, with over 70 per cent having well-defined frameworks for financing use cases and over 10 generative AI use cases. While there is a ninefold increase in GenAI activity in CY23, the impact on hiring remains uncertain. Debjani Ghosh noted that, currently, there are no job losses due to AI, but acknowledged the challenge of technological change outpacing the ability to skill people.

Infrastructure Urban

13 Mar 2026

Implementation Status of Jal Jeevan Mission

Since August 2019 the Government has implemented Jal Jeevan Mission to provide assured potable water through household tap connections in rural India. At the start of the mission only 32.3 million (mn) rural households, representing 16.7 per cent, were reported to have tap water connections. States and union territories have reported that 125.8 mn additional rural households have since been provided with tap connections. As a result, of about 193.6 mn rural households roughly 158.2 mn, or 81.71 per cent, are reported to have tap water supply at home.\n\nThe State, district and village level st..

Infrastructure Urban

13 Mar 2026

Jal Jeevan Mission Reaches Eighty One Per Cent Rural Coverage

The Government reported substantial progress under the Jal Jeevan Mission, launched in August 2019 to provide tap water to every rural household. At launch only 32.3 million (mn) rural households had tap connections and states and Union territories reported provision of 125.8 mn additional households by March 2026. Consequently, out of about 193.6 mn rural households around 158.2 mn, or 81.71 per cent, are reported to have tap water at home. The Finance Minister announced extension of the mission until 2028 in the 2025-26 budget speech. The Swachh Bharat Mission Grameen, launched in October 20..

Infrastructure Urban

13 Mar 2026

Empowering Local Governance for Sustainable Rural Water Supply

The Ministry of Jal Shakti has aligned the Jal Jeevan Mission (JJM) with the 73rd Amendment to strengthen village level planning and community ownership of water supply. Gram Panchayats, village water and sanitation committees and Pani Samitis are to plan, implement, manage and maintain piped water systems, with gram sabha processes formalising handover and oversight. Implementation support agencies including non government organisations, community based organisations and self help groups have been empanelled to train local committees and promote women participation. Under JJM, the department ..