Tech Industry Growth Rate Almost Reduced to Half Reaching 3.8% This Year

The Tech Industry will play a crucial role in the Indian economy. With the boom like the launch of AI, the industry had a lot of new job opportunities in the past coming years. However, the current year led to the tech industry halving to 3.8%. The previous year had a growth of 8.4% which is higher than the current year. We will share details about the Tech Industry growth below. Let us dive deep into the Tech Industry’s current year data below.

Tech Industry Had A Slower Growth This Year

The Tech Industry’s growth almost reduced to half this year. The industry made a growth of 8.2% in the financial year 2022-23. However, it was able to make only 3.8% in the current year. Indian economy is growing day by day. There is a need for more focus on the growth of the industry to survive the expenses.

Tech companies consist of the majority of the companies under the Fortune 500. Thus, the reduction in the tech companies’ growth will ultimately lead to a reduction in the growth of India’s GDP. India’s growth is majorly tech-driven. A lot of companies from every field are keeping tech forward to deliver their services. It is a food delivery app like Zomato or a taxi service like Uber.

However, the forests and speculations for the current year are said to be good. The companies will move towards further growth leading to more than 6% growth in the economy. The slowdown of the tech industry’s growth has several impacts on the business of such companies. The manufacturers are getting pressure to take action against the falling growth.

IT companies have the majority of their business from the USA. As Google and Amazon like big giants established in India, around 60% of the revenue of the industry is from America. The Artificial Intelligence segment of the tech industry is seeing a boom. As per the sources, the spending rate or expenditure on the other parts of the tech decreased from 8.2% to 4.4%. However, the artificial intelligence segment has an increase in spending by 30%.

The majority of the investors and growth-oriented minds are shifting towards AI and investing in it. Thus, the sources mention the total expenditure on AI to be $130 billion. The tech industry is finding new ways to boost their business back to the top. However, it will take some time for the industry to recover. Stay tuned for more information on our website.