IT industry to grow 12-14%, says Nasscom

IT industry to grow 12-14%, says Nasscom

IT industry to grow 12-14%, says Nasscom

Nasscom on Tuesday said that export revenues of the Indian IT industry will grow 12-14 per cent to clock $84-87 billion.

Its added that domestic revenues will also grow at a rate of 13-15 per cent and are expected to reach Rs 1.18-1.2 lakh crore. According to it, the increase in global technology spending and opportunities created through adoption of disruptive technologies are expected to propel growth in FY '14.

“Technology can also play a critical role in enabling transformation in India and add to India’s GDP. The domestic market in India is maturing, it was the fastest growing market in the year and Nasscom will look to partner with the government in enhancing technology adoption in the country”, Nasscom President Som Mittal said.

Some of the key growth drivers that are expected to open new opportunities for the industry are smart computing, ‘anything’-as-a-service, technology enablement in emerging verticals and the SMB market, the association said.

Despite challenges in the global market, Indian IT-BPM industry sustained its growth trajectory and is expected to clock export revenues of $ 75.8 billion with a year-on-year growth of 10.2 per cent. Domestic market also witnessed Y-o-Y growth of 14.1 per cent taking the domestic revenues to Rs 1.04 lakh crore.

The Indian IT-BPM sector continues to be one of the largest employers in the country directly employing nearly 3 million professionals, adding over 1,80,000 employees. “The Indian IT-BPM industry has demonstrated resilience and agility in the past year.

Technology has today become an integral enabler for growth across all sectors and the industry is continuously evolving and innovating to emerge as a strategic partner to its customers,” Nasscom Chairman N Chandrasekaran said.