Mumbai: The National Association of Software and Services Company (NASSCOM) has forecasted that the IT industry will grow at the same rate in FY16 as it is growing in the current Fiscal year.
On Tuesday, the association said that the growth was 13% in FY15 and added that it will range between 12% and 14% in FY16.
The estimates were communicated to media after a strategic review in the association.
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R. Chandrashekhar, president of Nasscom, has raised concerns over the slowdown of economies of Europe, Brazil and China.
“A lot of hope was pinned on these economies. So the big question is where is the real growth taking place? If there is slowing down in some parts and degrowth in some countries of Europe, then there is less money available for the IT sector,” he told Times of India.
According to the IT body, the software exports in FY16 would grow from current $98.5 billion in Fiscal Year ending March to $110-$112 billion in the next Fiscal.
The overall Indian IT-BPM revenues are also expected to be in the range of $165-169 billion next year as compared to $146 billion in the current year.
Summing up, the domestic IT-BPM sector including hardware, e-commerce and software products would outpace the projected software exports in the next fiscal year.
The growth is said to be the outcome of e-commerce boom and government's push to boost digitization.
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Nasscom Chairman, R Chandrasekaran also affirmed that the sector has shown phenomenal growth in this year despite macro-economic challenges. He said that the aim is to touch $300 billion by 2020.
Apparently, in the current fiscal year ending March, engineering design and product development were the fastest growing segments driven by value-added solutions from existing players and newer global in-house centres.
