Tech Sector Growth and Hiring Slows in 2023 But Poised to Rebound in 2025

IT exports expected to grow only 3.3% in FY2024 to $199 billion, one of the lowest growth rates in the industry's history
Overall tech sector including domestic projected to grow 3.8% to $254 billion
Net addition of 60,000 jobs in FY2023, mostly driven by global capability centers (GCCs)
GCCs added 2.8 lakh employees in FY2023, taking total talent base to over 1.6 million
Hiring outlook expected to improve in FY2025, especially in hi-tech, BFSI, and telecom sectors that underperformed in 2023