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IT spends in BFSI to go up; manufacturing still a concern: TCS

TCS, the country's largest software exporter, has said technology spends from sectors such as financial services, utilities and pharmaceuticals are likely to go up.



Mumbai: Tata Consultancy Services (TCS), the country's largest software exporter, today said technology spends from sectors such as financial services, utilities and pharmaceuticals are likely to go up, however, tight IT budgets in the manufacturing vertical continues to be a concern.


"We will see a significant investment in the deployment of technology in both the private sector banks as well as the public sector banks. We expect good growth from retail, pharma and utilities. Manufacturing sector will tighten its budgets, so you should expect some reduction in budget in those markets," TCS, chief executive officer and MD,
N Chandrasekaran told reporters here.


He said emerging countries, including
India, will spend more on technology upgradation while certain Western markets will hold back spending for some time.


"IT budgets are going to behave differently in different markets and in different industries. In certain markets, it’s going to be increasing. In emerging countries like
India, there is going to be a significant increase in IT spends whereas in the Western markets, it is going to be very industry-specific and company-specific," Chandrasekaran said.


He said the financial services industry in
India
has created a strong technology platform in the area of core banking. However, a lot of work is to be done in the area of data accuracy, process IT integration and financial inclusion.

 

"So, there is an opportunity to address the reach issue of financial inclusion," he added.

 

PTI

 

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