The National Association of Software and Services Companies (Nasscom) has said that stagnation in Europe, drop in oil prices, the issue of refugee influx and other such upheavals do have an impact on businesses.

“We do see turbulence in currencies, economies and huge shifts in demographies in different countries. All of these will have an impact on businesses in different ways. There are a number of challenges that the IT industry is facing. But there are a number of opportunities too that beckon the industry,” Nasscom President R Chandrasekhar has said.

The Nasscom President, however, has said the opportunities came in the form of newer, transformative technologies and start-ups are offering opportunities for the Indian IT industry that serves over 80 countries.

“There are challenges in terms of restrictive and protectionist measures in some countries. It could impact Indian IT services companies,” he said.

Bets on start-ups Talking to reporters here on Monday, he said start-ups offered a huge promise. “The number of jobs start-ups are creating is huge. For one, you see the exponential increase in jobs in the logistics after the spurt in e-commerce industry,” he said.

He was here in connection with the launch of Nasscom’s fourth Start-up Warehouse at the T-Hub, the incubator of incubators floated by the Telangana government. The association is planning to have five more Warehouses by the year end.

The association, however, has not revised its growth projections for the year. “We are going to announce after the Strategic Review meeting to be held in a month,” he said.

The association asks the Centre to remove tax anomalies in the upcoming Budget to encourage investments in start-ups.

While thanking the government for its Startup Action Plan announced last week, the Nasscom President added that the Centre must encourage individuals and funds that were keen on investing in start-up firms and not punish them by taxing them more.

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