Nasscom projects Indian IT sector to grow at 8.6% in FY17; defers industry growth prediction for FY18
IT industry body Nasscom has said on Wednesday that the Indian IT-BPM industry will grow at 8.6% in FY17 and has deferred its the sector's growth projection for FY18 fiscal.
1. Nasscom said that the country's IT sector will grow at 8.6% to reach over $155 billion in the current fiscal (FY17)
2. The industry body said that the country's IT-BPM exports is expected to reach $118 billion
3. The domestic IT-BPM market is expected to grow by 12% year-on-year to reach Rs 2,54,500 crore
India's IT industry body Nasscom in a press conference in Mumbai on Wednesday declined to give growth projection for IT sector for fiscal year 2017-18 (FY18) amidst global events including H1-B visa issue in the US.
Nasscom said that the country's IT sector will grow at 8.6% in the current fiscal (FY17) as against 8% to 10% growth that was projected earlier.
"...Amidst continuous technology disruptions, political upheavals, and slowdown in IT-BPM global spending, the Indian IT-BPM industry is projected to grow at a rate of 8.6% (in constant currency) to reach over $155 billion in FY17," Nasscom said in a press release.
“While there are some uncertainties in the short term, the initial data from global analysts on tech spending in 2018 is promising. We are initiating deeper interactions with all stakeholders – global customers and industry providers – to get a more reliable and clear perspective on the projections for FY18 and will give the guidance in the next quarter," Nasscom president R Chandrashekhar, said in a statement.
The industry body said that the country's IT-BPM exports is expected to reach $118 billion and the domestic IT-BPM market is expected to grow by 12% year-on-year to reach Rs 2,54,500 crore.
The country's IT-BPM industry currently employs over 3.86 million people, growth of 5% and addition of 1.7 lakh people over FY16, it said.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.