The Indian IT sector is expected to meet the lower-end of the growth outlook for the current financial year.
In February, industry body National Association of Software and Services Companies (Nasscom) had projected an estimated growth of 11-14 per cent.
For FY2013, a year marked by significantly varied trends, the industry is expected to meet the lower-end of its growth guidance and at least achieve a double-digit growth, Nasscom said in its mid-year review.
“The industry performance for the past half-year has demonstrated the sector’s ability to innovate and deliver in enabling the growth of customer businesses in challenging times. Changing business models, solutions around disruptive technologies and verticalised structures are enabling the industry to emerge as a strategic partner for their customers,” Nasscom Chairman N. Chandrasekaran said.
“There is a growing feeling that the market is improving and getting better,” N. Chandrasekaran, who is also the Chief Executive Officer and Managing Director of the country’s largest IT exporter, Tata Consultancy Services, said.
This estimate is based on Nasscom’s analysis of Indian listed companies, multinationals and global in-house centres and industry sectors such as IT services, business processing outsourcing and products.
“The IT-BPM industry continues to be a growth sector for India demonstrating double digit growth. The industry continues to reinvent itself — expanding the market, building new capabilities and a globalised model. Competitiveness, efficiency, service excellence and innovation are the key building blocks for the industry,” Nasscom President Som Mittal said.