IT Engg services to touch $50 b by 2020: Nasscom

IT Engg services to touch $50 b by 2020: Nasscom

Engineering services could help add two per cent of the gross domestic product of the country, which is expected to keep a growth pace of seven to 7.5 per cent over the next ten years, the Nasscom-BOOZ study said.

Economic benefit

Moreover, a market of USD 50 billion could help India reap a net economic benefit of USD 1.22 trillion in view of the downstream opportunities, it said. “India, besides providing cost-effective solutions, is also being looked at by the global market to play a significant role in providing high-end engineering and cutting-edge technology solutions and products in diverse verticals,” Booz and Company Vice President Vices Sega told reporters here today.

Commenting on the current scenario, he said that economic activity seems to have picked up. The technology firms are back on a hiring spree and mergers and acquisitions are in sight.

Talent pool

However, the country needs to work hard to retain its leadership position in view of the emergence of stiff competition from countries such as China, Brazil, South Africa and Malaysia, Sega said.  The study reveals that India with its young talent pool had demonstrated its ability to reach leadership position from oblivion in the global IT. Hence it had been able to attract the attention of global clients.

The initial success in creating engineering excellence and product innovation exhibit the India’s potential to develop into a hub for global engineering. The full Nasscom-BOOZ study findings would be unveiled at the Nasscom Leadership Summit to be held here in February next year.