Top News
IT exports growth likely to be 7-9% in FY19 (Lead, with Correction in Second Para)
Hyderabad, Feb 20 (IANS) The National Association of Software and Services Companies (Nasscom) expects India’s IT exports to grow at 7-9 per cent to be at $135-$137 billion in 2018-19.
The IT exports during the current financial year are projected to be $126 billion, a growth of 7.8 per cent over the previous year.
The domestic revenues, excluding hardware, is expected to grow by 10-12 per cent to be at $28-29 billion in the next financial year against $26 billion likely in FY2018.
During 2018-19, the industry is expected to add 100,000 new jobs — same numbers added during the current year.
Nasscom announced the key trends for the current year and the outlook for the next year on the sidelines of the special edition of Nasscom India Leadership Forum in conjunction with the World Congress on Information Technology (WCIT).
Nasscom president R. Chandrasekhar told reporters that though there are 39 days left in the current financial year, they expect to wind up with $167 billion revenues excluding the e-commerce pie ($38.5 billion).
“The year 2017-18 began on a muted note, but driven by a better growth in the second-half of the year is expected to clock revenues of $167 billion, representing a growth of 7.8 per cent for export revenues and 10 per cent in domestic revenues. E-commerce sector is expected to grow by 17 per cent in GMV terms,” he said.
Term GMV or gross merchandise volume refers to the total value of merchandise sold over a given period of time through an e-commerce site.
The growth was primarily driven by the digital component, which grew at 30 per cent, followed by E&RD (Engineering and Research and Development) 13 per cent and BPM (Business Process Management) at 8 per cent.
Though the domestic market grew to $26 billion from $24 billion the previous year, the Nasscom believes that it has huge potential and the same can be tapped by removing regulatory and infrastructure barriers.
He said the positive outlook is based on global economic growth and growth trends of digital spending. “The mood is upbeat, the trends positive. There’s broader upswing in global economy, the US economy and the revival in Europe is translating into business opportunities but with a little bit of lag. We will see this kicking in later part of the year,” he said, indicating that the next financial year may end with higher than the projected growth.
Chandrasekhar admitted that some challenges like the changes in immigration which are on the anvil do impact the overall positive sentiment. “Headwinds are still there and some of the uncertainties remain but the overall industry continues to grow demonstrating its ability to overcome challenges.”
Nasscom expects that the future of the industry will lie in “Digital at Scale” as global digital spending is growing at 20 per cent annually. India’s digital revenues grew at 30 per cent in FY2018, demonstrating the base for a solid foundation in digital capabilities built by the sector.
Chandrasekhar said the digital component was expected to grow 1.5-2X of the industry growth. The digital becoming all pervasive blurring IT industry sector boundaries, he observed.A
“It’s a great milestone for the software and services industry to cross $150 billion – tripling in size in less than a decade. The growth of the B2B startup sector also represents a unique opportunity for India to build innovative solutions for India and the world. However, what lies ahead is even more exciting. From small digital pilots, to POCs with product players, we are witnessing industrialisation of digital as the wave ahead,” said Raman Roy, Chairman, Nasscom.
While admitting that hiring may not be at the level witnessed during heydays, he said the industry would still be creating 100,000 new jobs, the same it added in the current year. While the attrition rate is likely continue in the core IT sector, the technology hiring in adjoining sectors will go up, thanks to the rapid growth in digital.
“There is continuous decline in the ratio of revenues to employment. There has been 50 per cent decline. The decoupling is due to factors like automation, onshoring and effective utilisation of existing headcount. It had greater impact outside the sector generating employment in other sectors like manufacturing, healthcare and financial sector growing at much faster pace,” said Chandrasekhar.
He believes the domestic technology adoption will continue with double digit growth. He claimed that domestic technology adoption is bringing the dramatic change with government initiatives like skilling, JAM (Jan-Dhan, Aadhaar and mobility) and large enterprises including public listed companies spending more on digital.
He said the initiatives like reskilling, centres of excellence, innovation centres, talent acquisition and investment in technology were enhancing the digital capabilities.
He also claimed that the digital ecosystem is witnessing dramatic changes with growing number of mobile phones, Internet connections and increase in data consumption. India has also become number one country in app downloads, he added.
–IANS
ms/nir
Top News
Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.