India’s top IT industry body Nasscom is positive about IT sector’s growth prospects in new the year. According to R Chandrashekhar, President, Nasscom, at present the outlook seems fairly positive and we expect it to be better qualitatively but would be difficult to predict it.
With the Nasscom’s vision to make the Indian IT industry worth $300 billion by 2020 in terms of overall revenue, Chandrashekhar said, “It’s not just about the numbers but its about transformation and how companies can transform to attain growth using that new technology like cloud and others. And this transformation is across all domains and not just in IT sector.”
“Technology is evolving very fast but its adoption is slow. Transformation has complexities from technology, domain as well as government stand point but it requires different approach and collaboration,” he added.
However, over last few years, India is seeing a rise of startups, entrepreneurs and investors ecosystem and it gaining lot of support from IT industry.
“There’s a powerful ecosystem of startups, entrepreneurs besides investors, venture funds, angel investors and mentors. It’s in the similar stage in a way Silicon Valley went through,” pointed out the newly appointed head of Nasscom.
About opportunities in the market, Chandrashekhar said that lot of companies are working to solve problems not just global but also local issues.”But the time has come that the industry need to make big impact in domestic market. The local market offers opportunities to build IP based products and solutions and make impact domestically.”
In his view, Indian IT industry has lot of advantage as some of the problems faced in emerging economies and other countries are also faced in India and hence the industry can leverage its knowledge, skills and capabilities in helping other markets by working as co-partners.
Encouraging the startup and entrepreneurial ecosystem, product development, and initiating transformation through partnership and collaboration remains the key focus areas going ahead, according to Nasscom. He suggested the Indian IT industry to do more to make it more relevant to international markets so that industry can leverage its capabilities.
He asked the IT industry to work in a way that can create a market in the domestic sector by collaboration using different technology and business models across verticals such as healthcare, education and government. Nasscom has predicted the Indian IT industry to grow at 12-14% during the FY13-14.