India’s IT sectors may grow by 9% FY20, says Nasscom report

The information technology services sector is estimated to clock a flat growth of upto 9 percent in the fiscal year 2019-20, a report said Monday. The growth will be at par with the 9.1 percent growth achieved by the sector in FY19, according to industry lobby Nasscom. The grouping has discontinued a 25-year-old practice of coming out with growth estimates citing the changes in the landscape which makes the job harder. Domestic rating agency Icra said the sector will clock a 7-9 percent growth in USD in FY20 mainly on demand for digital solutions.

“The earlier small-scale proof of concept digital projects has started evolving into enterprise level larger implementations coupled with improvement in discretionary spend supporting future growth,” its vice president Gaurav Jain said.