India's IT trade body upbeat over 2014 growth from new tech, markets

India's IT trade body upbeat over 2014 growth from new tech, markets

Summary: The IT sector will grow by 12-14 percent to hit US$86 billion this year, according to Nasscom. Besides new geographic markets, it expects growth driven by new technologies such as social media mobility, health care, and utilities.

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India's IT exports are forecast to hit US$86 billion in the current fiscal year ending March, growing 12 to 14 percent from the previous year, according to the country's peak IT trade body.

Good financial results in the first two quarters will help achieve the higher growth than last year's 10.3 percent expansion, said Som Mittal, president of the National Association of Software and Services Companies (Nasscom).

Growth in IT exports will be driven by because of existing customers moving to new technologies such as social media mobility, healthcare, utilities and moreover, new geographies, he said in a PTI report on Wednesday.

"A large number of small companies are picking up which is a big change (in IT landscape). Large companies are going to small companies for solutions," he said.

The hiring outlook is more promising compared to other industries, said Mittal, noting the IT sector added 200,000 people last year amid cautiousness elsewhere.

Nasscom noted while global economies were struggling, there was good potential in China and Japan.

For the quarter ended September, outsourcing giants such as Infosys, Tata Consultancy Services (TCS), HCL, Wipro reported better than expected growth reflecting a pick up in business sentiment especially in the United States.

Topics: Tech Industry, Outsourcing, India

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Loves caption contests, leisurely strolls along supermarket aisles and watching How It's Made. Ryan has covered finance, politics, tech and sports for TV, radio and print. He is also co-author of best seller "Profit from the Panic". Ryan is an editor at ZDNet's Asia/Singapore office.

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