In addition to the slowdown which is taking its toll on the economy, the IT industry faces multiple challenges, including a decline in sourcing spends, price reductions, competition from other countries and protectionism.

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While pointing this out, National Association of Software and Service Companies’ (Nasscom) Chairman Pramod Bhasin said that the industry must address these challenges by finding new avenues for growth and by looking at strategies to improve operational efficiency.

Speaking at the Nasscom BPO Strategy Summit held in Bangalore today, Bhasin added that tapping industries like manufacturing, healthcare and retail, besides expanding into new geographies as well as capitalising on the domestic market for growth opportunities, would be the right way forward for the IT/BPO industry.

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