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Nasscom lowers IT export growth to 7-8 pc in 2017-18
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SME Times News Bureau | 22 Jun, 2017
Hit by global political and
economic uncertainties, the Indian IT industry's software exports are
projected to grow at 7-8 per cent this fiscal (2017-18), which is lower
than 8-10 per cent in the 2016-17 fiscal, the apex Nasscom said on
Thursday.
"The outlook for the IT industry in fiscal 2017-18 is
7-8 per cent growth in exports and 10-11 per cent in the domestic market
as against 10-12 per cent in 2016-17," the National Association of
Software and Services Companies (Nasscom) said in a statement here.
The
lower export outlook comes in the light of political and economic
uncertainties that impacted decision-making and discretionary spend
during the last fiscal (2016-17).
The $150-billion Indian IT
industry includes revenues from Business Process Management (BPM),
software services and software products. Their exports contribute about
80 per cent to the revenue, with the US market accounting for 60 per
cent of it.
Noting that digital solutions and niche segments
would be the key growth drivers, the industry's representative body said
the revenue projection was based on improvements in financial services
and high potential in digital business.
"The fiscal year will see
growth driven by the modernisation of operations for client firms and
the adoption of new technologies such as SaaS (Software As A Service)
applications, cloud platforms, BI (Business Intelligence), cognitive and
embedded analytics as enterprise customers scale digital projects," the
Nasscom asserte.
Allaying fears of slowdown and job losses,
Nasscom Chairman Raman Roy told reporters that the industry was expected
to add 1.3-1.5 lakh jobs during the fiscal as it continued to be a net
hirer with the demand for skilled professionals growing across its
segments.
"The IT-BPM industry continues to demonstrate a
sustained growth index. The industry has reinvented itself and its
performance in the last fiscal (FY 2017) showcases how it has focused on
building its digital solution offerings through a combination of
business model changes and investment in products and platforms," said
Roy.
The industry association, however, admitted that it was
imperative for new and existing talent to reskill to prepare for
emerging job roles which required new skillsets.
"Manoeuvring
through an uncertain phase over the past year, the industry has
maintained its status as a key net hirer in the country and global
technology and services hub," claimed Nasscom President R.
Chandrashekhar at the news conference.
One of the takeaways from
the analysis of the industry performance in the last fiscal was the fast
adoption of digital solutions by the Indian enterprise.
"The
domestic market is expected to grow faster than the export market in
this fiscal, driven by this trend," added the statement.
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