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Nasscom may revise down 2016-17 growth guidance to 9%
BANGALORE: India’s software industry body Nasscom is expected to revise the annual revenue growth projection to 9% as compared to the 10-12% it predicted at the
BANGALORE: India’s software industry body Nasscom is expected to revise the annual revenue growth projection to 9% as compared to the 10-12% it predicted at the start of the year.
Nasscom’s decision to lower the growth projection comes on the back of similar warnings of muted second quarter performance by companies like Tata Consultancy Services and Infosys.
Nasscom president R Chandrasekhar told HT here on the sidelines of the Nasscom Design and Engineering Summit 2016 that the industry body would take a call on the issue after all its member-companies announce second quarter results.
Last month, N Chandrasekaran, the CEO of TCS, had warned that second quarter growth could be hit. Infosys, the second largest software exporter, had earlier revised its quarter ending September 30 guidance to 10.5-12% from 11.5-13.5% earlier. US-based Cognizant had revised its guidance thrice during the year from 11-14% to 8.5-9.5%.
Meanwhile, speaking at the Nasscom summit, Kevin Ashton, technology pioneer and the man who coined the phrase “Internet of Things” (IoT) said India, China and South Korea are likely to be the top three global leaders in the IoT space over the next 5-10 years.
“You have IITs everywhere. And then you have government investment in pure science... an amazing space programme right here in Bangalore… India (is) becoming a leading exporter of technology and a leading user. We are in the beginning of the India technology revolution,” said Ashton.
