Wednesday , February 20 2019

Nasscom sees FY18 industry growth at 8-10 per cent

The industry lobby delayed its estimate to May citing the many developing headwinds.

The current trend suggests that job accretion will be at best half of its growth in recent years.

Hyderabad: Software services industry lobby Nasscom today held it expects the sector to raise at 8-10 percent following financial year but added that a clearer picture will appear only over the next two to three months.

“We gave the projection to newspapers last November. Now between November and February…now March, not much has changed that I can modify my projection. So, I have given the plan on behalf of Nasscom that the growth will be 8 to 10 percent,” Nasscom CP Gurnani chairman told reporters.

“All I am saying is that we will wait till the fourth part quarter results, after which we will have a well understanding of primary data. As soon as we get that, we compile it and will come back to you in May with our calculation,” the Tech Mahindra chief executive whispered.

It can be noted that Nasscom had revised down its economic 2017 revenue growth mark to 8-10 per cent from an early 10-12 percent as the headwinds from the US, which is the single largest income source for the industry, started emerging following the voting of Donald Trump.

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At the Nasscom control forum in the internal of last month, where the industry traditionally used to give out its growth guess, the industry lobby delayed its estimate to May citing the many developing headwinds.

According to Gurnani, many domestic IT businesses may change their business strategies and regroup themselves owed to newer trends such as growing automation artificial intelligence, digital data, and digital disruption.

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“At the equal time, there is a feeling within Nasscom that the business is going to change. It is going to change for the reason that of automation, artificial intelligence, digital data and digital disruption. So, several companies will reorder themselves and re-architect their journey forward,” he held.

When queried about the growths in the US about immigration rules, he said, “if we start getting ahead of ourselves, we will be receiving unnecessarily worried. The US wants us as much as we need them”.

On the falling hiring trends, he whispered the current trend suggests that job accretion will be at finest half of its growth in current years.

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