NASSCOM today announced the key trends of the industry performance for the year 2017-18.
Indian IT industry in 2017-18 is expected to clock revenues of $167 billion, representing a growth of 7.8 percent for export revenues and 10 percent in domestic revenues. E-commerce sector is expected to grow by 17 percent in GMV terms.
Domestic technology services will grow at 10 percent plus driven by digital adoption and increased focus on customer experience initiatives.
Global digital spending is growing at 20 percent annually. India’s digital revenues grew at 30 percent in FY 2018, demonstrating the base for a solid foundation in digital capabilities built by the sector.
NASSCOM said 2017 started on the backdrop of uncertainties across Protectionism, Brexit, slowdown in technology spend decision making.
Raman Roy, chairman of NASSCOM, said, “It’s a milestone for the software and services industry to cross USD 150 billion – tripling in size in less than a decade. The growth of the B2B startup sector also represents a unique opportunity for India to build innovative solutions for India and the world.”
R Chandrashekhar, president of NASSCOM, said: “There is still some turbulence and it is not clear how some of the known uncertainties will play out, however FY 2019 is likely to be a better year, based on our current assessment.”
The Indian IT industry will further expand its digital footprint, with growth of 7-9 percent for Technology Services, 10-12 percent for Domestic Technology and New age digital to grow 1.5-2X of industry growth.
Hiring is expected to be similar to FY 2018 with technology jobs in non-technology sectors expected to grow faster. Growth of the Indian economy, technology adoption and progressive policies are key to accelerate job creation in the country.
