NASSCOM pegs FY20 revenue growth at 7.7% at $191 bn for IT industry in current fiscal; sector adds 2 lakh jobs

Mumbai: Industry body NASSCOM has projected revenue growth of 7.7 percent at $191 billion for the IT sector in the ongoing fiscal.

The industry body had last fiscal discontinued an over two-decade-old practice of forecasting revenue growth, citing the fast-changing dynamics of the industry and accordingly did not offer its annual growth target for FY20, terming it as “a philosophical shift as the landscape changes”.

Addressing the media at the annual National Association of Software and Services Companies (NASSCOM) leadership forum here on Wednesday, NASSCOM Chairman Keshav Murugesh said that revenue of the software and business process management industry will clip at 7.7 percent to $191 billion.

Murugesh, who is the chief executive of WNS Global Services Group, also said that during the year so far the IT industry has net added 2 lakh jobs, taking the overall workforce to 4.36 million.

It can be recalled that in FY10, it had forecast that the information technology and business process management services industry would grow at 9.2 percent.

“Rather than collating a number, we feel having a perspective would be better. We are not sharing the number as a philosophical decision,” the then Nasscom chairman, Rishad Premji, had said.

The IT industry faces major risks in the form of increasing protectionism and lack of talent, he had said, adding global uncertainties revolve around trade wars and increasing protectionism.