India’s IT and back-office sector is expected to grow 7.7% in fiscal 2020 to $191 Bn, with exports nearing $147 Bn, as per the National Association of Software and Services Companies.
The industry body revealed that the sector added 2,05,000 jobs in the ongoing fiscal year, up from the 1,85,000 jobs it added in FY19.
Nasscom President Debjani Ghosh said it was a “good” performance by the sector.
Ghosh said, “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.”
Beginning last year, Nasscom discontinued issuing an annual growth forecast before the start of the year. Instead, now the industry body shares a survey of global CEOs on their confidence in spending on technology. As per the latest survey, 57% of CEOs expect FY21 growth to be similar or better than FY20.
While the industry added $14 Bn in new revenue, which is a higher amount than in the past, however the sector is still ‘cautiously optimistic’ about the next financial year starting April. There is no doubt that 2019 has been an interesting and busy year for the IT sector. With more than 64, 442 employees hired in the first half of financial year 2019 - 20, and TCS alone making 30, 000 on-campus offers, it was indeed a bright year for recruitments in the industry. However, with automation kicking in and the pressure of managing costs amid uncertain global conditions, reskilling the workforce to prepare them for the future of work will be something the industry actively needs to focus on vigorously in 2020.