India's technology sector is expected to grow at a higher pace this fiscal year, driven by engineering research and development and the rising number of global capacity centres (GCC), or low-cost offshore hubs,

These revised numbers imply that in March 2024, the IT industry grew from $244.6 billion a year earlier to $268.8 billion-- a steep 9.9% growth -- and added 300,000 people

According to the annual strategic review report, tech companies added $13.8 billion in incremental revenues to reach $282.6 billion (including hardware).

The tech industry will be doubling its headcount addition in to 1.25 lakh new jobs in the financial year 2024-25, from 60,000 in the last fiscal year, according to the Annual Strategic Review report by the National Association of Software and Service Companies (nasscom), released on February 24.

Tech industry revenues are seen rising to $300 billion in FY26, according to estimates by industry body Nasscom, with global capability centres being one of the growth factors.

The Indian IT industry is expected to grow by 5.1 per cent to $282.6 billion in FY25, up from the 4 per cent growth in FY24. Nasscom, the industry body, said the sector was likely to surpass the $300 billion revenue milestone in FY26.

The Indian technology industry is expected to cross revenues of $300 billion in FY26, largely driven by GCCs, according to Nasscom.

The findings suggest that the industry’s growth will be propelled by significant advances in artificial intelligence (AI), particularly through the integration of Agentic AI, which is expected to drive major shifts in business models across enterprises.

IT industry body Nasscom on Monday pegged the FY25 revenues for the sector to grow 5.1 per cent to USD 282.6 billion.

India's tech sector is projected to become a $300-billion industry in the 2025-26 financial year, with a 6% growth rate. The sector's significant contribution to India's GDP includes a notable increase in tech exports.