Business Daily from THE HINDU group of publications
Tuesday, Jun 26, 2007
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Business Daily from THE HINDU group of publications Tuesday, Jun 26, 2007 ePaper |
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Software Money & Banking - Software Info-Tech - Industry Associations IT spending highest in banking, insurance segment: Nasscom study Our Bureau
2007 outlook 12-27% rise seen in average spending by BFSI, energy and utility cos. Tourism and hospitality sector's IT spend to grow by 13%.
New Delhi June 25 IT spending by large corporates and SMEs in India witnessed a rise during 2006, with average IT spending being highest amongst Banking Financial services and Insurance (BFSI) vertical followed by energy and utility companies. According to `Tracking of the IT adoption study 2006' released by Nasscom today, the rate of increase in average spending in each of these verticals is estimated to be in the range of 12-27 per cent, making them the likely highest spending sectors in 2007 as well. The 2006 study, conducted among IT heads and senior IT managers from about 292 companies in India said the third sector which was projected to witness a considerable hike in its IT spend was tourism and hospitality industry. The sector's Rs 18 crore of IT spend is projected to grow by 13 per cent, placing it among the highest tech-spenders in India in 2007. One of four companies in both large-scale and medium-scale organisations indicated that their IT budgets would increase by around 10-19 per cent during the current year. IT spends were driven by hardware followed by application and network software. Nasscom also found that business continuity and risk mitigation were the key priority areas for Chief Information Officers, and that increasing efficiency and process productivity were the business goal achieved through IT adoption in 2006. The study highlighted that CIOs would need to ensure that the business value of IT was proven and delivered.
Awards
The software association also announced eight winners of the `India IT User Awards 2006'. The Railway Minister, Mr Lalu Prasad, accepted Nasscom's `IT Transformation Award' on behalf of the Indian Railways for pioneering use of technology by the Railways. Suprajit Engineering Ltd has bagged an award in the Engineering category; Union Bank of India in BFSI category; Tata Power Company for Energy and Utility category; ITC Limited in FMCG; IT Department of Andhra Pradesh in the Government category; Crest Animation Studios Ltd in Media & Entertainment; Biocon in pharma category; and Indian Airlines in tourism and hospitality category.
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