The National Association of Software and Services Companies (Nasscom) on Thursday revised the growth forecast for the software services sector to between 10-12 percent for the financial year 2015-16, a statement said. Also Read - 11th India Game Developers Conference scheduled for November 22
The exports revenue of the industry grew by 12.3 percent and domestic revenue grew by 10 percent in 2015-16. The earlier growth projection by the IT software industry body for the present financial year was in the tune of 12-14 percent. Also Read - Reliance Jio, Paytm advocate increased regulation of messages on OTT platforms
“Amidst a growth of 0.4 percent in the global IT-BPM in 2015, the industry is expected to reach an estimated $143 billion in FY2016, doubling its revenue over the last six years and crossing the $100 billion milestone in export revenues,” the statement said. Also Read - Nasscom raises concerns over latest proposal on H1-B visas by US government
“In addition, e-commerce contributed $17 billion revenue boosting digital consumption. India continues to gain market share in the global sourcing sector and emerges as the largest, most diversified and scalable destination,” it added.
“Amidst a volatile global economic environment, the industry has been able to set new benchmarks by growing from strength-to-strength and sustaining its double-digit growth,” BVR Mohan Reddy, chairman, Nasscom said.
With an increase in technology spending estimated by global technology analysts, industry expects the double digit growth story to continue in 2016-17.
“The IT-BPM industry export revenue is expected to grow by 10-12 percent in 2016-17 reaching revenues of $119-121 billion. The industry is expected to add a net employment around 2 lakh,” the statement added.