Come 2019 and India’s IT industry is set to grow by 9%, according to The National Association of Software and Solutions Companies (Nasscom). Noting that the next year will be better for the technology industry at large, Nasscom said that currently there are certain uncertainties in the software services space currently.
In a press conference held on the sidelines of its annual meeting in Hyderabad on Tuesday, Nasscom president R Chandrashekhar said, “The current outlook is cautious optimism. There is still some turbulence and it is not clear how some of the known uncertainties will play out, however FY 2019 is likely to be a better year, based on our current assessment.” Hyderabad is hosting a three-day NILF (Nasscom India Leadership Forum) and World Congress of IT between February 19-21. We take a look at four key takeaways from Nasscom’s review of the current year, as well as it’s projections for the coming year 2019.
Digital services on the rise
Nasscom noted the rise of digital solutions and said that digital now forms nearly 20% of the total exports. According to the body’s estimates, exports would be $137 billion in 2018-19 as against $126 billion in preceding year 2017-18. The industry body noted that segments like blockchain and AI are seeing traction. Nasscom expects digital services to grow 1.5-2 times the rest of businesses.
IT industry to create one lakh additional jobs
According to Nasscom estimates, the industry is likely to create one lakh jobs in the coming year 2019, similar to previous year. Nasscom’s president R Chandrashekhar said the IT sector, which hired around 100,000 net additional people in the current fiscal year, is now in a better position to capitalize on demand for digitized services from its clients.
Marginal improvement in exports
Nasscom has projected IT services export growth at 7-9% as against 7-8% in FY18. Notably, the size of the IT-BPM industry in the financial year 2017 was pegged at $154 billion, which includes $125 billion in exports.