India’s IT services sector revenue is expected to grow 6-8% in dollar terms this fiscal year, on continued demand for newer digital services from clients, ratings agency Icra NSE 0.64 % has said.
IT firms reported higher deal wins in the preceding year, while net employee addition increased for a majority of companies, signalling stable demand for the IT services sector, it said.
Companies added a net 1,13,787 employees in FY19, compared to 11,600 during FY18 and 93,500 in FY17, it said. In February, industry body Nasscom forecast software exports to grow 9.2% to $137 billion in FY19.
This year it stopped giving guidance for industry growth. It said a survey of its members had shown that a majority expected better growth this fiscal on the back of increasing demand from clients.
The $177 billion Indian IT-BPM sector had witnessed abysmally low hiring during the past couple of years as it transformed its services to more digital technology-enabled ones and automated mundane work to remain competitive. The sector saw its lowest hiring in FY18.
Source: The Economic Times
