Indian IT industry’s growth to remain flat in 2017-18: Nasscom forecast
Nasscom forecast Indian IT industry’s export revenue to grow at 7-8% in 2017-18, as compared to 7.6% in 2016-17, on US visa concerns
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Bengaluru: Indian IT industry body Nasscom on Thursday forecast the sector’s export revenues to grow at 7-8% in 2017-18, around the growth levels seen last year, as the industry faces continued headwinds from the US market.
The more-than-$150 billion industry saw exports rising 7.6% last year, according to a statement from The National Association of Software and Services Companies (Nasscom).
Revenue for the domestic market is projected to grow at 10-11% in 2017-18, Nasscom added.
Sarabjit Kour Nangra, vice president of IT research at Angel Broking, said the statement was “broadly in line with the outlook given by industry players and hence holds no big surprise”.
The Indian IT industry is facing uncertainty as US President Donald Trump considers tougher US visa policy, raising fears of higher labour costs as companies look at hiring more expensive US workers.
But the industry is also expected to benefit from positive factors, such as improvements in financial services and digital businesses, while focusing on increasing investments in digitization and automation, Nasscom said.
The Indian IT industry is expected to add around 130,000-150,000 new jobs during the year, the lobby group said. Reuters
(Reporting by in Bengaluru; Editing by Sunil Nair)