The 25th edition of NASSCOM India Leadership Forum was held in Mumbai and participants discussed the Indian technology industry’s growth prospects and the transformation path it is following in order to become a digital technology industry by developing its digital capabilities and reorganizing itself to make the most of this opportunity. C.P. Gurnani, chairman, NASSCOM, Raman Roy, vice chairman, and R. Chandrashekhar, President, later said with companies actively exploring new engagement models, there is a growing need for the companies to restructure and focus on capacity development to address the digital opportunities. NASSCOM also discussed the industry’s performance in FY2017 and said amidst continuous technology disruptions, political upheavals and slowdown in IT-BPM global spending, the Indian IT-BPM industry is projected to grow at a rate of 8.6% (in constant currency) to reach over $155 billion in FY2017. IT-BPM exports from India is expected to reach $118 billion, it said, adding India’s domestic IT-BPM market is expected to grow by 12% yoy to reach Rs 2545 billion. The industry currently employs over 3.86 million people and is registering a growth of 5% and addition of 1.7 lakh people over FY2016. In terms of the markets, it said US and APAC are fastest growing at 7.8% with gradual stabilization in the growth of the European market. Retail, healthcare and travel & transportation have been the key verticals for the Indian IT-BPM industry, growing at the rate of 8%, it added. Gurnani, who is also MD and CEO, Tech Mahindra, said the digital tsunami is reshaping the industry and the priority is to reimagine businesses and unlock new opportunities. The Indian IT-BPM sector is emerging as a digital solutions partner for global corporations and we are excited to work across stakeholders – customers, start-ups, academia and others to build this exciting future, he added. R. Chandrashekhar said while there are some uncertainties in the short term, the initial data from global analysts on tech spending in 2018 is promising and NASSCOM is initiating deeper interactions with all stakeholders – global customers and industry providers – to get a more reliable and clear perspective on the projections for FY2018 and will give the guidance in the next quarter, he said
