Technology

IT industry to grow by 9% in FY20 says NASSCOM

IT Indusry, a laptop with a source code

Information Technology is a field which is highly exploited and is a buzzing field here in India. India is a market which will not follow the world’s trend but when it comes to IT the country will. IT sector in India is growing rapidly for the past few years. Indians have never been behind on the IT sector and has given the world companies like Infosys, KPIT and even Wipro for that matter. The companies offer services in technologies which the world is craving for and apart from that, it offers jobs to people in humongous numbers which helps any country.

That said, India is a country where every market is novice and companies from all over the world are trying to grab a share of 1.3 billion potential customers. IT industry is also one of those industries, apart from having projects from around the world, the IT sector in India concentrates on the shortcomings of the country as well. There are many companies working towards applying Artificial Intelligence and Machine Learning on basic needs such as education, healthcare, and such cases.

Information Technology is driving this nation forward without a doubt. The progress is seen and the IT parks around the country are increasing in number as people are wanted for jobs which never existed five years ago.

In the meanwhile, the National Association of Software and Services Companies (NASSCOM) have come out with the fact that the IT industry in India is estimated to grow by 9% in the year 2020. This is not a surprise but the growth would reach that percentage in the Financial Year 2020 and currently the scenario seems to be changing rapidly for small scale as well as large scale companies.

Gaurav Jain, Vice President of NASSCOM, told ET that small scale projects are reaching enterprise level now and are improving along with time. He said, “The earlier small-scale proof of concept digital projects has started evolving into enterprise-level larger implementations coupled with improvement in discretionary spend supporting future growth.”

The Indian companies have also started to hire people from the US as their on-site appointments were hampered because of tightened visa arrangements from the US. That is the reason there are so many jobs in the US as companies like Infosys are on a hiring spree. That said, the overall margins are assumed to decline from 22.5% in FY18 to 20.8% in FY20.

This is the scenario of the IT industry as of now. However, the future looks bright, the atmosphere of the market remains to be hostile. The fittest and brightest will survive while others would need to play catch up with the companies leading the way.

-Unmesh Phule

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