‘IT exports to grow 11% in current fiscal’

India's $100 billion IT and services outsourcing sector is likely to meet the lower end — 11 per cent — of the growth outlook for this fiscal year as customers tread cautiously on technology spending due to global economic uncertainty.

The National Association of Software and Services Companies (Nasscom) had in February forecast IT exports to grow 11-14 per cent in the fiscal year ending March 2013.

"For FY'13, a year marked by significantly varied trends, the industry is expected to meet the lower-end of its growth guidance and at least achieve a double-digit growth," Nasscom said on Monday. Industry export revenues are estimated at $75 billion to $77 billion for the year, it said.

"We feel that we will meet the guidance at the lower end (11 per cent) of the estimate. So we are projecting that we will end up the fiscal at least with a double-digit growth," Nasscom Chairman and TCS MD and CEO N Chandrasekaran said, adding that the year has been marked by significantly varied trends due to the prevailing economic conditions across major economies.

The Nasscom guidance is based on three constituents — performance of domestic firms with domestic operations, MNCs with India operations and global in-house centres.

ALSO READ

After lull, highway projects see aggressive bid offers

PM: Govt initiating more measures to attract investments

Cautious RBI cuts repo by 25 bps, says little space for more easing

‘Govt mulling stronger laws to block Ponzi schemes’