Nasscom pegs FY20 revenue growth for IT sector at 7.7% at $191 billion

Industry body Nasscom has projected a revenue growth of 7.7 per cent at USD 191 billion for the IT sector in the ongoing fiscal.

The industry body had last fiscal discontinued an over two decade-old practice of forecasting revenue growth, citing the fast changing dynamics of the industry and accordingly did not offer its annual growth target for FY20, terming it as "a philosophical shift as the landscape changes".

Addressing the media at the annual Nasscom leadership forum here on Wednesday, Nasscom Chairman Keshav Murugesh said "revenue of the software and business process management industry will clip at 7.7 per cent to USD 191 billion".

Murugesh, who is the chief executive of WNS Global Services Group, also said that during the year so far the industry has net added 2 lakh jobs, taking the overall workforce to 4.36 million.

It can be recalled that in FY10, it had forecast that the information technology and business process management services industry would grow at 9.2 per cent.

"Rather than collating a number, we feel having a perspective would be better. We are not sharing the number as a philosophical decision," the then Nasscom chairman, Rishad Premji, had said.

The industry faces major risks in the form increasing protectionism and lack of talent, he had said, adding global uncertainties revolve around trade wars and increasing protectionism.