Indian IT exports to grow 12-14% in FY'14: Nasscom
Mumbai: The information technology and IT-enabled services sectors are expected to grow 12-14 percent and clock export revenues of USD 84-87 billion in the next fiscal, industry body Nasscom said on Tuesday.
"Increase in global technology spending and opportunities created through adoption of disruptive technologies are expected to propel growth in FY'14.
"Nasscom expects the industry to clock export revenues of USD 84-87 billion maintaining a growth rate of 12-14 percent," the National Association of Software and Services Companies (Nasscom) said in a statement.
Domestic revenues, on the other hand, are expected to grow at 13-15 percent to reach Rs 1.18-Rs 1.20 lakh crore, it added.
"The Indian IT-BPM industry has demonstrated resilience and agility in the past year. Technology has today become an integral enabler for growth across all sectors and the industry is continuously evolving and innovating to emerge as a strategic partner to its customers," Nasscom Chairman N Chandrasekaran said.
Exports from the industry, which counts the US and Europe as its biggest markets, were estimated to have grown 10.2 percent to USD 75.8 billion in FY'13.
Given the economic uncertainty, Nasscom had predicted growth in the sector to be between 11-14 percent and later said only the lower end of the target would be met.
The domestic market witnessed annual growth rate of 14.1 percent taking revenues to over Rs 1.04 lakh crore.
"FY2012-13 can be characterised as the year of rapid transition and transformation, leading the industry into expanding into newer verticals and geographies, attracting new customer segments, and transforming from technology partners to strategic business partners," Nasscom said.
The Indian IT-BPM sector continued to be one of the largest employers in the country directly employing nearly three million professionals, adding over 180,000 employees.
While the first USD 100 billion landmark can be attributed to the cost and quality advantage, the next USD 100 billion will be a combination of higher-value services and increasing non-linear growth, Nasscom said.
"To sustain this growth, Indian IT-BPM industry is focusing on greater efficiencies, verticalised structures, geographical presence, IP based solutions, domain and increased collaboration across all stakeholders," it said.