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Indian IT to rebound in FY19: Nasscom

Industry body Nasscom is expecting the USD 150-billion Indian IT industry to deliver a strong performance next fiscal on revival in tech spends of the financial sector.

Published: 24th September 2017 01:57 PM  |   Last Updated: 25th September 2017 08:30 AM   |  A+A-

Nasscom President R Chandrashekar

By PTI

NEW DELHI: The $150-billion Indian IT industry is set to rebound in the next fiscal on the back of revival in tech spends by the financial sector and demand growth from US clients, according to the National Association of Software and Services Companies (Nasscom).

“There are reasons to be optimistic about the year ahead. We continue to see that there are green shoots. The demand side prognosis looks positive,” said Nasscom President R Chandrasekhar. Chandrasekhar noted that there is also a lot of re-strategising by the Indian firms as well, adding that firms are also focusing on re-skilling employees on new digital technologies to drive growth. “All of this should take full shape in the next few months. All of this would translate into more positive outcome in 2019,” he said.

According to the industry body, Indian IT export would grow by 7-8 per cent this fiscal, while the domestic infotech industry would expand at 10-11 per cent during the period.Nasscom counts stricter work visa regulations in key markets like the US and the UK and an uncertain business environment as main concerns for the industry.

Chandrasekhar reiterated that the industry should not be worried about protectionism as the number of visas issued has not changed. “The cap of 65,000 remains, there is no change in that. The dependence on visas (for Indian companies) has, however, come down. It is the tech and business trends that are far more important (to focus on)...automation for example,” he said.

Centres of excellence Nasscom is working with its member companies and the central and state govern-ments to set up centres of excellence. It has already set up a centre focusing on Internet of Things in Ben-galuru. The government has approved an extension of that to three more centres in Gurugram, Ahmedabad and Visakha-patnam.


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