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Indian IT sector lobby group sees export growth at 7-8 percent for 2017-18
June 22, 2017 / 10:15 AM / 6 months ago

Indian IT sector lobby group sees export growth at 7-8 percent for 2017-18

(Reuters) - A leading lobby group for India’s IT industry on Thursday forecast the sector’s export revenues to grow at 7-8 percent for the year to March, around the growth levels seen last year, as the industry faces continued headwinds from the U.S. market.

FILE PHOTO: A security guard stands at the venue of National Association of Software and Services Companies (NASSCOM) India Leadership Forum in Mumbai, India February 16, 2017. REUTERS/Danish Siddiqui

The more-than-$150 billion industry saw exports rising 7.6 percent last year, according to a statement from The National Association of Software and Services Companies (NASSCOM).

Revenue for the domestic market is projected to grow at 10-11 percent in 2017/18, NASSCOM added.

Sarabjit Kour Nangra, vice president of IT research at Angel Broking, said the statement was “broadly in line with the outlook given by industry players and hence holds no big surprise”.

India’s IT industry is facing uncertainty as U.S. President Donald Trump considers tougher visa rules, raising fears of higher labor costs as companies look at hiring more expensive U.S. workers.

But the industry is also expected to benefit from positive factors such as improvements in financial services and digital businesses, while focusing on increasing investments in digitization and automation, NASSCOM said.

The industry is expected to add around 130,000-150,000 new jobs during the year, the lobby group said.

Reporting by Arnab Paul in Bengaluru; Editing by Sunil Nair

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