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We hold a positive growth outlook for the Indian IT market in 2025 and over the forecast period to 2028. Market dynamics will benefit from increasing organic enterprise sector demand, economic modernisation, retail trends and rapid growth in FDI. India is emerging as a leading destination for significant capital investments targeting various IT domains such as software-as-a-service, cloud computing, data centres, business process management and semiconductors. We believe strong government policies will reduce costs, stimulate enterprise sector tech adoption and drive innovation as an increasing number of domestic and foreign firms expand their presence. A global economic slowdown and MENA regional logistics disruptions present downside risks heading into Q1 2025.