February 21, 2019 1:57:33 am
The National Association of Software and Services Companies (NASSCOM), the apex software industry lobby, on Wednesday ended the practice of forecasting annual growth and said it was cautiously optimistic about 2019, citing rising global economic uncertainties arising out of trade wars and protectionism.
However, it said the IT-BPM industry clocked revenues of $180 billion in 2018-19 and the export sector crossed $137 billion of revenues. Nasscom said 2018-19 was an exciting year for the industry, as the export sector crossed $137 billion of revenues and marginally grew above the Nasscom guidance of 7-9 per cent. Interestingly, the industry sectors have also expanded beyond IT services and together are almost half the industry revenues in 2018-19. Digital was once again the growth driver for the year, growing 30 per cent year-on-year (YoY) and is estimated at $33 billion in 2018-19. Growth in the start-up sector was another key highlight of the year as India witnessed 8 unicorns being born and start-up funding reached an all-time high.
Nasscom chairman Rishad Premji said they were discontinuing with the annual growth forecast from this year. “Rather than collating a number, we feel having a perspective would be better. We are not sharing the number as a philosophical decision,” he said at the ‘Nasscom Technology and Leadership Forum 2019’. Last year, the association had first delayed the announcement in February and later issued projections in May, pegging it at 7-9 per cent.
“… During the year, the industry performance also showcased a changing narrative for the sector, a sector focused on internal transformation and driving transformation for its clients globally and in India,” Premji said.
Microsoft working on AI-led digitisation
Mumbai: Microsoft India on Wednesday said it is working with policy think tanks and research organisations such as NITI Aayog, ICRISAT and industry bodies such as CII and Nasscom in creating and adopting frameworks to accelerate artificial intelligence-led digital transformation across sectors, particularly agriculture, health, education and skilling.—ENS
‘Digital economy can create $1 trillion value by 2025’
Mumbai: India can create up to $1 trillion of economic value from the digital economy in 2025, up from around $200 billion currently, says a new report by Ministry for Electronics and Information Technology.
“Half the potential economic value of $1 trillion in 2025 could come from new digital ecosystems in diverse sectors, including financial services, agriculture, healthcare, logistics, jobs and skills market, e-governance and other areas,” says the report, released by Minister for Law & Justice and Electronics & IT Ravi Shankar Prasad in Mumbai.
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines