The Indian IT-BPM industry is poised to grow at 8-10 percent in the financial year 2017, demonstrating sustained growth despite global headwinds, IT industry’s representative organization Nasscom said on Wednesday. Sharing its revised guidance as part of its mid-year performance review of the IT-BPM industry, Nasscom reiterated that the industry remains in a strong position as it charts the future growth path for itself. According to the guidance, India will continue to gain market share — 7 percent of global software and IT services and 56 percent of global sourcing. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Samsung Galaxy S20 FE Long-term Review
“The industry is going through a transient phase with various domestic and global factors impacting its performance. While the effect of various short-term factors may show for a couple more quarters, the worst is behind us,” said R. Chandrashekhar, Nasscom President, at an event here. Driven by strong and stable fundamentals, Nasscom reiterated that the long term opportunity and potential for the industry remains unchanged with a vision to achieve $350 billion by 2025.
“Global projected growth for the industry is high and our share remains strong. We are confident that the sector will continue to re-invent itself by investing in digital technologies and competencies, to drive consistent and sustained growth,” he added. The Indian IT-BPM industry will receive 14 percent revenues from digital solutions – four times growth since 2014. Software and IT services globally is set to grow at a healthy pace of 7.2 percent and 4.4 percent, respectively in 2017. ALSO READ: Indian IT companies margins under pressure: Nasscom
“To stay globally competitive, the need of the hour is for Indian firms to invest in the future and enhance their digital capabilities. This entails a mix of re-skilling, domain and platform capabilities coupled with acquisition led competencies,” the IT apex body added. India currently is the biggest Global In-house Centers (GIC) locations globally, with over 1,000 centers focused on technology, services, R&D and innovation. The country is also the third largest start-up ecosystem in the world with over 4,750 firms, witnessing a growth of 10-12 percent annually. ALSO READ: No reason to cut IT industry s full growth forecast of FY17: Nasscom