Hope you are doing well.
The month of February though the shortest, but for us, it has always been one of very high activity. To top it all this year we had the budget as well, which kept us glued for quite a while. It is always interesting to do a post mortem after the fine print gets interpreted, and in this edition of the mailer we have included our comments and takeaways.
February, was also the month of NILF, our flagship event. This year was a momentous occasion, being the twenty-fifth edition, and we were all most excited about it. Two-and-a-half decades is a very long time for our industry, and for a summit of this magnitude to have grown alongside, is indeed a matter of pride. Given the occasion, the excitement was at an altogether different level this year, as 1500-odd participants would testify. 3 intense days, nearly 50 sessions addressed by 125 global leaders, left us with little doubt that as the future gets reimagined, the Indian IT industry is in a strong position to ride this wave and leverage on new opportunities that are most likely to come by.
We also released the Strategic Review for the IT BPM Industry 2017, which gives a detailed roadmap for the industry, its challenges, opportunities including India’s value proposition for future. 2016, was particularly volatile for the global economy and the Indian IT industry too felt the strains. Given the manifest market volatility, we have taken a conscious call to defer our industry guidance numbers till the next quarter as an exception i.e. Q1 of 2017-18.
It is projected that the industry will grow at a rate of 8.6% (in constant currency) to reach over USD 155 bn in FY2017. IT-BPM exports from India is expected to reach USD 118 billion. India’s domestic IT-BPM market is expected to grow by 8.5% to reach 38 billion USD (excl. eCommerce). The industry currently employs over 3.86 million people, a growth of 5% and an addition of 1.7 lakh people over FY2016.
Thoughts around global challenges can be consuming, but at NASSCOM our response has always been a proactive one. In late February, I led a high level business delegation to Washington DC. We met with various U.S. Administration members (including officials of the House Judiciary Committee, House Immigration Sub-Committee, Departments of State, Homeland Security and Commerce, office of the U.S. Trade Representative); policy advisors and think tanks; and a multitude of media representatives to convey what we have been saying all along. Yet again, we reinforced and reiterated the positive value created by the Indian IT industry in U.S., countering protectionism/ discrimination of any form, and always emphasizing that Indian IT industry is a “net job creator.” As I have said before, we are extremely watchful of the slightest developments over there and will keep you updated on a regular basis.
The monthly mailer is attached for your reference and I hope you enjoy reading it.