Nasscom confident of double digit growth for industry next fiscal

Our Bureau New Delhi | Updated on November 15, 2011

Upbeat mood: The Communication & IT Minister, Mr Kapil Sibal, with the President of Nasscom, Mr Som Mittal, at a conference on Cyber Security in New Delhi on Tuesday. — Kamal Narang

Software association Nasscom on Tuesday exuded confidence that the IT and BPO industry will clock double digit growth rate in the next financial year.

Further, the software industry is “on track” to achieve its growth targets set for the current year, said Nasscom President Mr Som Mittal.

For the current financial year ending March 2012, the software and services export revenue is expected to grow 16-18 per cent to $68-70 billion. The growth outlook for the domestic market is 15-17 per cent at Rs 90,000-92,000 crore for the current year.

“A double digit growth for our industry is clearly visible for the year 2012-2013. It is too early to give specific numbers, but I am saying it is not going to be in single digit, unless many negative factors come together,” said Mr Mittal on the sidelines of a FICCI conference on cybersecurity.

He said that his interaction with analysts, outsourcing advisory firms, customers and members companies indicated that everyone is “cautious but they are taking positive steps”.

Mr Mittal said transformational IT projects such as migration to social media platforms or moving software applications to the cloud, were gaining ground. “Customers want to be competitive as they expand into developing markets…they want products reengineered, and so there will be a need for new technologies and services to be offered…We see positive signs,” he added.

Published on November 15, 2011

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