Nasscom anticipates sluggish software export growth at 7-8%

The Indian IT services industry body, Nasscom, anticipates a sluggish software export growth at 7-8% in the current fiscal year, as against 8.6% in the previous year, reported a national news agency.

The National Association of Software and Services Companies (Nasscom) refused to issue a forecast for industry. 

In a statement issued on Thursday, R Chandrashekhar, President, Nasscom said,“Manoeuvring through an uncertain phase over the past year, the industry has maintained its status as a key net hirer in the country and global technology and services hub. Considering the evolution that the industry is undergoing dueto the adoption of new technologies, it is imperative that we as an industry drive the skilling and re-skilling of new and existing talent.”

The IT industry is witnessing transformation in its business models as the IT market shifts to cloud-based and everything-as-a-service delivery models, which require less upfront expenditure, resulting in slow growth of the sector, the Nasscom further stated.

The Nasscom India Leadership Forum, the industry body had stated earlier this year that the IT industry grew by 8.6% in the current fiscal 2016-17, in line with its forecast of 8-10% last year.