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IT spend in Indian banking and securities industry to grow 8.6% in 2017

Firms are investing more in enterprise resource planning, customer relationship management

IANS  |  New Delhi 

IT Sector
India’s gross domestic product fell to 6.1 per cent in the fourth quarter of 2016-17, primarily due to the impact of demonetisation

by and securities companies in will grow 8.6 per cent in 2017 to reach $8.9 billion, research and advisory firm said on Friday.

IT services will grow the fastest at 13.8 per cent in 2017 followed by software at 13.4 per cent.

Firms in the and securities industry are investing more in enterprise resource planning (ERP)/supply chain management (SCM)/(CRM) to upgrade their existing infrastructure.

"The Indian sector has undergone a transformation. Banks are gradually lowering the number of branches and increasing capability in terms of their existing infrastructure," said Moutusi Sau, Principal Research Analyst at

"Despite effects of in the sector, banks will continue with digital transformation projects," Sau added.

is the primary reason for the slowdown in the and securities market in but the effects will be short-lived, said.

The slowing manufacturing sector is also having an indirect effect on the and securities sector, it added.

First Published: Fri, June 16 2017. 15:13 IST