Chennai: The Indian information technology (IT) industry will have a better idea of growth prospects after the February meeting of industry lobby group National Association of Software and Services Companies (Nasscom), according to Mindtree Ltd’s executive chairman and co-founder Subroto Bagchi.
According to Nasscom’s mid-year review last month, the Indian IT industry is expected to meet the lower end of its 11-14% growth guidance and see at least double-digit growth in fiscal 2013.
“The election of President Obama has settled a lot of speculation, we think the US is back on growth track, and it will have its implications on other parts of the world as well,” said Bagchi, speaking on the sidelines of TiECON Chennai 2012, an entrepreneurship conclave.
Commenting on the rising protectionism in the US, Bagchi said this was a global trend. “Countries we operate in are asking what we would do for them in turn,” said Bagchi.
US President Barack Obama had criticized outsourcing of jobs to countries such as India in his re-election campaign and said that the US needed to create jobs locally. The US and Europe account for over 80% of the revenue of the Indian IT industry.
Mindtree, in November, set up a delivery centre in Gainesville, Florida, where it will create 400 jobs over the next five years with an investment of $2.925 million. Of this, more than $1.6 million has been invested.