RT team
India’s technology sector is on track to achieve impressive growth, with projected revenues of $254 billion in FY24, including $200 billion from exports, according to Deloitte India’s Tech Trends 2024 report. This growth comes despite the global economic uncertainty, with a 3.8% increase in overall revenues and a 3.3% rise in exports.
The expansion of Global Capability Centres (GCCs) is a significant factor driving this growth. The report predicts that the GCC market in India will surpass $100 billion by 2030, as the number of GCCs is expected to reach 2,500, employing over 4.5 million people. Currently, with over 1,600 GCCs, India is increasingly becoming a dominant player in the global tech scene.
Deloitte highlights India’s emerging role in several key technology sectors, including spatial computing, the industrial metaverse, cloud computing, and generative AI (GenAI). The focus on modernization, coupled with stringent data privacy and security measures under regulations like the DPDP Act, is enhancing India’s tech capabilities.
However, the integration of AI and GenAI poses challenges, including risks of misinformation and synthetic media. The report emphasizes the importance of robust risk mitigation and governance to manage these challenges effectively.
The report also praises government-led digital initiatives, such as MeghRaj, IndiaAI, and digital public infrastructure, which are accelerating digital adoption across the country. Additionally, a new corpus fund aims to foster AI innovation through public-private partnerships, with a focus on ethical AI.
Reflecting on FY2023, Deloitte noted the Indian tech industry’s resilience amid global slowdowns and geopolitical tensions, continuing to solidify its role as a trusted global tech leader. Factors contributing to this strength include software exports, an expanding tech workforce, growth in tier-2 cities, government support, and infrastructure improvements.
Keerthi Prakash, a partner at Deloitte India, remarked on India’s leading role in the ongoing global digital revolution, driven by dynamic changes in technology that influence businesses and industries worldwide. With enhanced connectivity from 5G and new tech like spatial computing, and supportive government policies, India is poised for a transformative future. The report also notes that engineering research and development (ER&D) has made India a global hub for cutting-edge solutions, contributing significantly to the export revenue growth in FY24.
