NASSCOM defers 2017 guidance by a quarter

IT Industry's trade association body, NASSCOM deferred its annual growth target to May which is late by a quarter. The move comes amidst all the uncertainty surrounding the Indian IT companies with respect to a change in guard in US.

According to the industry body, the sector will grow at the lower end of its revised target in fiscal 2017, therefore, deferring guidance for the next financial year by a quarter, as the headwinds rise.

The association will come out with its guidance for the IT and the business process management sector in the next quarter, most probably in May, which is an unprecedented move, once it is done with "deeper interactions" with customers and other stakeholders, said Nasscom President R Chandrasekhar, on the side-lines of India Leadership Forum 2017.

However, the trade body did concede that there are significant headwinds facing the sector on the back of protectionist stance of the new US government. However, the body did sound optimistic about global IT spending going up in 2017.

There also have been talks that the industry body along with heads of top Indian company, would be meeting the new US administration in the coming weeks.