The Indian IT sector faces global headwinds like Brexit, but developments around Globalisation 4.0 and 5G technology will bring growth for the industry this year. Stating this at the World Economic Forum at Davos, Tech Mahindra's MD and CEO CP Gurnani also flagged currency risks but added that the domestic IT sector will benefit from investments in digital.
Gurnani, who served as chairman of IT industry body NASSCOM in 2016-17, said the Indian IT sector is betting big on Globalisation 4.0 where global trade will be shaped mainly by the use of technology.
"Despite the global slowdown, India has witnessed robust growth and is poised to become the fifth largest economy in the world. Together with Asia, India has a critical role to play in Globalisation 4.0, and it is important for us to sustain the momentum," he said.
According to Gartner estimates, India's IT spending will grow by 6.7 percent in 2019 to $89 billion. Increasing spending on three segments — devices, enterprise software and IT services — will give a major boost to IT spending levels in India in 2019, it said.
"2019 will be the year of growth as the IT industry invests aggressively in digital. The future is now, and it is all about being agile and being able to deliver better customer and citizen services.
"The economy is being driven by millennials that has led to a huge demand in data and data services. Using data for personalisation and customisation of services will hold the key," Gurnani said.
India's top IT firms like TCS, Wipro are on a hiring spree. Wipro plans to double hiring from campuses this year as it ramps up talent to meet the surge in orders from customers and address shortage seen with high attrition, according to a report in The Times of India.
Infosys has hired over 7,600 staff in the US — more than three-fourth of its target of recruiting 10,000 American workers — and said it is making recruitment from local schools a “sustained effort” in its largest market.
“...We have pretty much done 7,600-plus. We have opened five hubs now, we have announced six of them and we have opened five of them and we have hired 2,000 plus school grads — campus hires,” Infosys President and Deputy Chief Operating Officer Ravi Kumar said in a recent investor call.
Rajesh Gopinathan, CEO and MD, TCS, said the company was hiring on a large scale. In an interview with The Economic Times, Gopinathan said: The issue is not jobs, there are lots of jobs. The issue is the availability of the right talent and as long as we are able to train and re-skill at scale, the demand side is so strong that jobs is not the problem. We ourselves are hiring massively.
--With PTI inputs
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Updated Date: Jan 28, 2019 15:46:39 IST