India Tech Market Outlook For 2023 And 2024

March 29th, 2023

With contributors:

Ashutosh Sharma , Himank Joshi , Arjun Kalra , Bill Nagel

Summary

India’s government expects the country’s economy to grow by 6.0% to 6.8% in the 2023 fiscal year. It estimates that the gross value added in the services sector will grow by 9.1% in 2023 and continue to grow in 2024. However, the Indian economy still faces the headwinds of a falling rupee, rising US Federal Reserve interest rates, and a growing current account deficit due to global events such as the Ukraine war. Indian firms have to be smart to support revenue growth and new customer acquisition by adopting new technologies yet being prudent about their overall budgetary expenditures.

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