Global headwinds to deeply impact IT revenue growth in FY24, says Crisil

India’s IT service industry is expected to witness a plunge in revenue growth by up to 9 percentage points in FY24 due to prevailing global economic conditions, according to Crisil Ratings. The report forecasts that growth for the Rs 10 lakh crore sector will fall to between 10-12% compared to almost 20% estimated in FY23. The decline is set to arise particularly from headwinds within key markets, particularly the BFSI segment in the US and Europe, which will impact revenue growth for domestic IT services companies. However, the impact may be marginally offset by growth in other sectors.

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