New Delhi: During 2022 and 2023, revenues in India’s tech sector grew at a faster pace in comparison to the growth in earnings globally.According to the Hindu BusinessLine, the Ministry of Corporate Affairs’ filings say that revenues of firms such as Apple, Microsoft, and Meta in India grew at a faster pace in FY23 as compared to the growth in earnings globally.“Although this growth rate is on a low base, since India has a disproportionately low contribution to the revenues of these tech giants, this could bode well for these enterprises, as India will play a larger part in these companies’ revenues in the future,” the report said.Notably, Apple achieved a record revenue of $5.9 billion in India in FY23, reporting a 48% annual growth. Meta India experienced a 13% growth in gross ad revenue for FY23, but rising inflation slashed ad revenues, leading to a 4% growth in the three months ending March 2023. Microsoft India’s revenue saw a significant jump of 39% in FY23, outpacing the global 7% year-on-year growth for the company in the same period.The last two years have been difficult years for tech firms globally.According to Layoffs.fyi, globally, 224,503 people were laid off in 2023 in the tech sectors. Per TechCrunch, in January alone, 89,554 employees were laid off, the highest so far this year.In November, Amazon said it is cutting “several hundred” jobs in its Alexa division, and axing several unspecified initiatives in the unit. Just like Amazon, several other companies have been in the cost-cutting mode since last year.In September, Google laid off hundreds of staff members who helped recruit and hire employees.
