By IANS,
New Delhi : India’s IT sector will grow between 4-7 percent this fiscal and is expected to see higher growth next year, a top industry official said here Tuesday.
“I think we are already seeing changes in trends that we had anticipated. The first half has been relatively flat, but the vector is right,” said Som Mittal, president of the National Association of Software and Services Companies (Nasscom).
“So we think this year the growth will be as anticipated between 4-7 percent and double digit growth will happen next fiscal,” Mittal told reporters on the sidelines of the India Economic Forum of the World Economic Summit.
However, according to him, the industry is unlikely to reach the stupendous growth rate it had posted till 2007.
“We had growth rates of 30 percent for a whole decade. It’s very difficult to sustain that. In the next 10-12 years, we will grow at a compounded annual growth rate of 14 percent,” said Mittal.
“From our current $50 billion last year, we will go up to something like $225 billion.”
This target could be achieved only if the sector develops its capabilities to deliver to the increasing demand,” said the Nasscom head.
“We have to move away from just doing work in six top cities and develop the 43 other cities that we have identified.”