India's IT outsourcing exports are projected to climb 13 to 15 percent in fiscal 2015, starting April, fueled by higher spending by banks and other sectors.
IT services exports in the country are expected to increase up to US$99 billion as global economic conditions improve, driving up IT expenditure, according to Indian industry group, Nasscom. The projected growth rate is about the same as the projected 13 percent increase in fiscal 2014, noted a Reuters report Tuesday.
Citing Nasscom Chairman Krishnakumar Natarajan, who was speaking to local reporters in Mumbai, the report said: "Clearly compared to what we saw in the industry 12 months ago to now, we are seeing a far more positive momentum in our major markets."
Indian outsourcing giants have been looking to expand overseas to meet increasing demand. Infosys, for instance, said it planned to hire up to 16,000 engineers this year to support better market sentiments in key markets such as the United States and Europe.
India's largest IT firm, TCS, is also building a new training facility capable of training 50,000 professionals each year. The outsourcing giant currently hires more than 285,000 professionals globally and plans to hire 50,000 more through to 2014.
This year's Tholons Top 100 index ranked Bangalore as the world's most popular outsourcing destination, joining five other Indian cities--Mumbai, Delhi NCR, Chennai, Hyderabad, and Pune--on the top 10 list. The country, however, faces growing competition from the Philippines.
While Bangalore retained its pole position from last year's Tholons Top 100, Mumbai slipped to third position and was displaced by the Philippine capital, Manila, which climbed to second. Other Philippine cities showed improved rankings too, including Davao City, Santa Rosa, and Bacolod City, while Cebu City retained its No. 8 placing.