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IT industry will post double-digit growth next yr: NASSCOM

Last Updated: Tuesday, November 10, 2009 - 18:50

New Delhi: IT industry body Nasscom today
said the sector will regain double-digit growth from April
next year leaving behind the prolonged recession.

"Next year, starting from April we will see double digit
growth coming back," Nasscom President Som Mittal told
reporters on the sidelines of the India Economic Summit here.

The IT industry, which was growing 30 per cent year on
year, was hit first by the currency fluctuation followed by
the global financial crisis in 2008.

The economic activity seems to have picked up. The
technology firms are back on hiring spree. Mergers and
acquisitions are in the sight.

As per projections for the current financial year, the IT
industry is likely to grow at a meagre 4-7 per cent.

However, he added, "We have made a forecast that in the
next 10-12 years the industry (IT) will have a compounded
annual growth rate of 12-14 per cent."

Though Nasscom is very bullish about the growth coming
back, but refrained from revising the guidance upwards saying
it was too early to do that.

Consultant Accenture has said it would shore up its
staff strength by 8,000 by next year, mainly in the analytics
space. While, Infosys BPO, the back-office unit of IT firm
Infosys Technologies has also announced to hire up to 2,000
people by the end of the current fiscal.

Bureau Report

First Published: Tuesday, November 10, 2009 - 18:50

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