India’s IT sector to grow 7.7% in FY20: Nasscom

The industry body said the sector added 2,05,000 jobs in the ongoing fiscal year, up from the 1,85,000 jobs it added in FY19. The sector is still ‘cautiously optimistic’ about the next financial year starting April, officials said.

Agencies
Nasscom senior vice-president Sangeeta Gupta said the industry added $14 billion in new revenue.
BENGALURU: India’s information technology and back-office sector is expected to grow 7.7% in fiscal 2020 to $191 billion, with exports touching $147 billion, the National Association of Software and Services Companies said on Wednesday.

The industry body said the sector added 2,05,000 jobs in the ongoing fiscal year, up from the 1,85,000 jobs it added in FY19. The sector is still ‘cautiously optimistic’ about the next financial year starting April, officials said.

Nasscom president Debjani Ghosh said it was a “good” performance by the sector. “Any industry that delivers more than 7% growth is a strong industry. We cannot tell if this is the new normal, but when the world economy is growing at about 3%, then this is good growth,” Ghosh said.


Nasscom senior vice-president Sangeeta Gupta said the industry added $14 billion in new revenue, a significantly higher amount than in the past. “It is important to look at this as the (revenue) base increases,” Gupta said.

Since last year, Nasscom discontinued issuing annual growth forecast before the start of the year. Instead, it shares a survey of global CEOs on their confidence in spending on technology. According to the latest survey, 57% of CEOs expect FY21 growth to be similar or better than FY20.
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