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IT sector to log in 12-14% growth this fiscal

IT sector to log in 12-14% growth this fiscal
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Nasscom says software segment likely to generate 1.3 lakh new jobs in FY-14 as against 1.8 lakh last fiscal Hyderabad: IT industry body Nasscom on...

Nasscom says software segment likely to generate 1.3 lakh new jobs in FY-14 as against 1.8 lakh last fiscal itHyderabad: IT industry body Nasscom on Wednesday projected IT sector growth to be at 12 to 14 per cent in dollar terms during the current fiscal, as compared with a growth of 10. 2 per cent during 2012-13. "This year, we will probably add $13 to $15 billion worth of new business in both domestic and exports. This will translate into 12 to 14 per cent growth in dollar terms," Som Mittal, President, Nasscom, told media here. The software industry saw $76 billion exports and $32 billion domestic business which included hardware last year. In 2012-13, the industry has grown 10.2 per cent in pure dollar terms and 10.9 per cent in constant currencies and 21 to 22 per cent in rupee term, he added. He further said IT sector would generate less number of new jobs during the current fiscal as compared to last fiscal and the decline would be to the tune of 50,000 jobs. The IT and BPO sector had added 1.8 lakh new jobs last fiscal. This year, it will be 1.3 to 1.5 lakh jobs. The decline is on account of large scale backlog of recruitments from last year. Still, we are the largest employers of white collar sectors of the country which has 3 million young people at the age of 27," Mittal stated. "Secondly, our business is not linear any more. There was time where for every dollar you added so many hours. But today it is IP-led and innovation, which we don't repeat the job which is good for the country," he added. On attrition rate of the industry, Mittal said it has come down and currently hovers in 13-15 per cent on the higher side. Meanwhile, as a next step to its recently launched '10,000 startups' programme, the Nasscom on Wednesday signed a MoU with Hyderabad Angels, TiE Incubator and IIIT Hyderabad Incubator to collaborate and support the creation of a vibrant ecosystem to foster technology entrepreneurship in India. Mittal said that they are inviting of applications from innovative technology startups across the country for an insightful engagement with its accelerator and funding partners.
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