<p>Mirroring global economic trends, the Indian IT industry is likely to show muted growth in 2023 and the first half of 2024, Infosys co-founder Kris Gopalakrishnan said during a press meet here on Monday.</p><p>“IT industry is a reflection of the global economy and global economy is slowing down, and hence the IT industry will slow down,” he reasoned, however adding that it is not a permanent slowdown.</p>.<p>According to IT industry body Nasscom, the Indian technology sector is set to grow 8.4 per cent in FY 2023 to reach $245 billion in size. This reflects an over 2 per cent revenue growth plunge on a year-on-year basis. </p><p>Gopalakrishnan further agreed that the sector which employs a 50 lakh-plus workforce has indeed seen some tightening, which is likely to continue in the near term.</p>.<p>“In the short term, yes muted growth, the addition of jobs may be again muted, recruitment may be muted,” he noted.</p><p>He however, expressed a bullish outlook on the prospects of the Indian IT industry in the medium to long term.</p><p>“In the medium to long term, I feel that India has a significant lead over any part of the world in terms of job growth, in terms of the industry itself growing,” he stressed. </p>.<p>The industry continues to grow and recruit even today, while remaining highly profitable with significant cash on balance sheets and almost zero debt, he added.</p><p>Speaking on the prospects of the manufacturing sector during the media interaction, Volvo Group Managing Director (India) Kamal Bali said: “Almost $4 trillion of manufacturing is shifting from existing geographies to new geographies, which means India is going to be a very big beneficiary of this shift even if 20 per cent shift comes to India.”</p>
<p>Mirroring global economic trends, the Indian IT industry is likely to show muted growth in 2023 and the first half of 2024, Infosys co-founder Kris Gopalakrishnan said during a press meet here on Monday.</p><p>“IT industry is a reflection of the global economy and global economy is slowing down, and hence the IT industry will slow down,” he reasoned, however adding that it is not a permanent slowdown.</p>.<p>According to IT industry body Nasscom, the Indian technology sector is set to grow 8.4 per cent in FY 2023 to reach $245 billion in size. This reflects an over 2 per cent revenue growth plunge on a year-on-year basis. </p><p>Gopalakrishnan further agreed that the sector which employs a 50 lakh-plus workforce has indeed seen some tightening, which is likely to continue in the near term.</p>.<p>“In the short term, yes muted growth, the addition of jobs may be again muted, recruitment may be muted,” he noted.</p><p>He however, expressed a bullish outlook on the prospects of the Indian IT industry in the medium to long term.</p><p>“In the medium to long term, I feel that India has a significant lead over any part of the world in terms of job growth, in terms of the industry itself growing,” he stressed. </p>.<p>The industry continues to grow and recruit even today, while remaining highly profitable with significant cash on balance sheets and almost zero debt, he added.</p><p>Speaking on the prospects of the manufacturing sector during the media interaction, Volvo Group Managing Director (India) Kamal Bali said: “Almost $4 trillion of manufacturing is shifting from existing geographies to new geographies, which means India is going to be a very big beneficiary of this shift even if 20 per cent shift comes to India.”</p>