BENGALURU: India’s tech industry is poised to expand to $350 billion by 2030, up from $254 billion in the 2023-24 financial year, Nasscom’s president Rajesh Nambiar told TOI. The sector’s expansion reflects a CAGR of 6.4%. “We will work towards getting to about a $350-billion mark by 2030. Of course, the growth rate decreased significantly in the last two years. But even with all of that, we see many green shoots. I believe that we are in a pivotal moment. The emergence of GenAI has transformed the global landscape. Our focus must transition from AI PoCs to achieving a measurable return on investments that we can put together on the board,” said Nambiar. He succeeded his predecessor, Debjani Ghosh, who completed her term in November. Before that, Nambiar was chairman and MD of Cognizant India.
Nasscom initially forecasted the tech sector’s revenues of $350 billion for FY26, driven by demand for advanced technologies such as cloud computing and analytics. However, the IT industry body had to reset these growth estimates, extending the timeline by five years to achieve the targeted figures. The Indian IT services sector faces a significant slowdown in the last fiscal , with minimal expansion in both revenue and employment. IT exports grew a modest 3.3% in constant currency, reaching $199 billion in FY24. This represents a substantial decline from the previous year’s 11.4% growth, marking one of the sector’s lowest growth rates.
