The $250-billion technology outsourcing industry, India’s biggest export earner with the second largest weighting on stock indices, is ‘more optimistic’ of revenue expansion in 2024 as the first signs of a spending revival pierce the seemingly impenetrable fog of frozen demand from either side of the Atlantic seaboard.
K Krithivasan, CEO & MD of India’s largest software firm Tata Consultancy Services (TCS), told ET that it “definitely sees green shoots in the market” and that growth will come from a mix of deal renewals and vendor consolidation, with some transformation projects rounding off the order bouquet.
I would say that I am more optimistic about 2024 and we believe it will be a better year than last year… There may not be a huge $100 billion or $5 billion plus transformation deal and transformation budgets could be small, but I don’t think that they will dry out completely.
The bigger economy is doing well. The overhang or the fear of recession in the largest market, the America’s, seems to be lifted. There’s obviously a huge focus on technology across industry,” Joshi told ET.