Missed target this year, Nasscom says India's IT exports may grow 12-14% next fiscal
In FY15, IT exports will achieve a 12.3% growth on a reported currency basis to $98.5 billion, as against the target of 13-15% estimated earlier.
Country's IT exports are likely to grow in the range of 12-14% in the next fiscal (FY'16) with currency volatility and macro economic headwinds as the primary challenges going ahead.
In FY15, IT exports will achieve a 12.3% growth on a reported currency basis to $98.5 billion, as against the target of 13-15% estimated earlier.
On a constant currency basis, the revenues are estimated to be up 13.1% and body's Vice Chairman BVR Mohan Reddy said that around 35-40% of the industry's revenues come from non-dollar currencies like euro, which are getting hit at present.
The total revenues for the industry, including domestic revenues and e-commerce, are expected to touch $146 billion this fiscal and $165-169 billion in FY'16.
In FY15, the industry added 2.3 lakh jobs and the overall professionals working in the industry stood at 35 lakh people.
"We expect that we will continue to maintain current growth, there will be no significant change," President R Chandrashekhar said, adding the currency volatility and uneven macroeconomic recovery are primary reasons resulting in the export growth number target remaining unchanged.
Its contribution to GDP has grown to 9.5% from the last year's 8%, Chandrashekhar said.
Going digital is the key customer priority which results in discretionary spending for the industry, he said.