Nasscom predicts Indian IT sector growth to be 7.7% in FY20

With exports touching US$ 147 billion, National Association of Software and Services Companies has predicted Indian IT sector to grow 7.7% in fiscal 2020 to US$ 191 billion. From the 1,85,000 jobs added by the IT sector in FY19, there has been an increase to 2,05,000 jobs in the ongoing fiscal year. The latest survey, also pointed out that 57% of CEOs expect FY21 growth to be similar or better than FY20.

 “Any industry that delivers more than 7% growth is a strong industry. We cannot tell if this is the new normal, but when the world economy is growing at about 3%, then this is good growth,” stated Nasscom President Debjani Ghosh. Being ‘cautiously optimistic’ about the next financial year starting April, the industry body also stated that the industry added US$ 14 billion in new revenue (-a significantly higher amount than in the past).