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IT industry to grow 11 %: Nasscom

Special Correspondent
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N. Chandrasekaran (left), Chairman, withSom Mittal, President, Nasscom, addressinga press conference in Mumbai on Monday.— PHOTO: PAUL NORONHA
N. Chandrasekaran (left), Chairman, withSom Mittal, President, Nasscom, addressinga press conference in Mumbai on Monday.— PHOTO: PAUL NORONHA

National Association of Software and Services Companies (Nasscom), on Monday, said that the IT industry, despite the volatile and challenging global economic environment, would grow by 11 per cent in 2012-13 based on the first six months performance of top companies in the sector.

This is the lower end of the forecast made by Nasscom in February this year. It had predicted that the industry would grow between 11 per cent and 14 per cent. “Since we made the forecast in February, many people have asked us to revise the guidance. We will meet the guidance at the lower end (11 per cent). We will have at least double-digit growth of 10 per cent. The uptick is happening,” said N. Chandrasekaran, Chairman, Nasscom, and CEO & MD, Tata Consultancy Services.

Nasscom said that the outlook for the remaining part of the year and the next year was good.

Nasscom President Som Mittal said that emerging verticals such as retail, healthcare and utilities were providing double the growth than mature verticals, and the European market was bouncing back fast. “The European companies are now far more open to outsourcing,” he said. He added that the industry’s export revenue for 2012-13 would be $75-77 billion.

The association said all companies would keep their commitment of campus hiring this year.

It said economic growth in the U.S. would be beneficial.

“About 14 per cent revenue growth CAGR and 9 per cent CAGR employee growth is proof that the industry is growing,” Mr. Mittal said.

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