Nasscom: India's IT industry to grow 11% in fiscal year

November 12, 2012

Sales by India's flagship outsourcing industry are likely to grow by 11 percent this fiscal year to at least $75 billion in the face of a challenging business environment, an industry lobby group said Monday.

The forecast is at the lower end of an 11-to-14 percent projection given by the National Association of Software and Services Companies, or Nasscom, earlier in the year.

Nasscom president Som Mittal told reporters in the financial hub Mumbai that the industry has been able to grow despite the "challenging environment".

Companies such as TCS, Infosys and Wipro lead India's IT that performs a wide range of tasks for Western firms—from answering calls from bank customers and processing to software development.

Most Indian IT say the outlook remains challenging as clients in key US and European markets contend with sluggish growth and slow decision-making, along with to outsourcing jobs in the face of high domestic unemployment.

India, with its large English-speaking workforce, accounts for at least 50 percent of the global outsourcing market and the industry is a vital exporter for the country.

Nasscom chairman N. Chandrasekaran said business prospects were brightening in the United States despite anti-outsourcing rhetoric during the recent US election campaign.

"The US economy is recovering and will (have to) depend on technology," he said. "So there is going to be (outsourcing business) growth."

Explore further: India outsourcers predict 18% growth

Related Stories

India outsourcers predict 18% growth

August 23, 2011

India's flagship outsourcing sector is still expected to post 16 to 18 percent export revenue growth, despite fears of a fresh slump in its key US and European markets, an industry body said.

India outsourcers see export growth slowing

February 8, 2012

India's flagship information technology and business services sector forecast on Wednesday that export growth would slow in the next financial year amid global "economic uncertainties."

Indian outsourcers 'employ 100,000 in US'

March 23, 2012

India's IT outsourcing sector has nearly doubled the number of jobs it has created in the US in the last five years and now employs more than 100,000 people, an industry group said on Friday.

India's TCS says profit jumps 44%, beats estimates

October 19, 2012

India's biggest software exporter TCS said Friday its quarterly net profit jumped 44 percent, beating estimates, as outsourcing orders rose despite economic troubles in the firm's major markets.

Recommended for you

For these 'cyborgs', keys are so yesterday

September 4, 2015

Punching in security codes to deactivate the alarm at his store became a thing of the past for Jowan Oesterlund when he implanted a chip into his hand about 18 months ago.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.