Search Result for : It Industry

The Dollar Business Bureau  The projection by Nasscom that Indian IT exports would grow 7-8 per cent in the current fiscal is realistic and reasonable and reflects the current global business environment, say senior figures in the sector.  The numbers put out by the industry body are very realistic because the global IT spending is not going up this year and there are political uncertainties in the US and parts of Europe, two key markets of Indian firms, said T V Mohandas Pai, the former Chief Financial Officer (CFO) of Infosys.  "In this background, it is very good. All big companies have said they will grow between seven to nine per cent," he noted. In its guidance, Nasscom yesterday said IT exports are expected ...

The Dollar Business Bureau  India’s IT software exports are expected to grow at 7-8% during the current financial year 2017-18, which is less than 8-10% in the previous fiscal of 2016-17, the apex trade body NASSCOM said on Thursday. “The outlook for the IT industry in fiscal 2017-18 is 7-8% growth in exports and 10-11% in the domestic market as against 10-12% in 2016-17,” NASSCOM said in a statement. The Indian IT services sector has been coping with a slowdown in the business of banking and financial services, which contributes a major part to the revenues. It has also been impacted by its retail customers facing a sluggish growth from the upsurge of online retail channels. India’s $150-billion IT industry revenues mainly come from Business Process Management (BPM), software ...

The Dollar Business Bureau Refuting the claims of any slowdown in the Indian IT sector, Law and IT Minister Ravi Shankar Prasad said on Tuesday that the sector will generate 25-30 lakhs jobs by 2025. “As (the) IT minister of the nation, I completely deny and refute that there is any downturn in the employment in this sector. It is robust, slated for great growth and once digital economy ushers then you can fathom its development,” said Prasad, while sharing the achievements of the Ministry of Electronics and IT in the past three years. The Minister said that the IT companies in India have created 6 lakh jobs in the past three years. “IT firms directly employ around 40 lakh people and about 1.3 crore indirectly. ...

The Dollar Business Bureau Nasscom, belied the media reports about mass layoffs in the IT sector. Sounding optimistic the trade body said that the industry is likely to hire 1.5 lakh people on a net basis but the techies in the software industry have to re-equip themselves with skills relevant for the jobs in the market. There were reports in the media last week that around 50,000 techies could be laid off this year from companies like Infosys, Cognizant and Wipro. Reacting to the same Nasscom President R Chandrasekhar told the media, "we categorically reject the reports of mass layoffs in the sector. FY17 saw 1.7 lakh people being added, while in Q4 alone, the gross hiring was of over 50,000 by ...

Sneha Gilada Global In-house Centres (GIC) are an integral component of the Indian IT industry and contribute significantly to the country's service export revenues. They have also been immensely beneficial to the economy in terms of employment generation. But the broad function of a GIC has changed dramatically in the last three decades, from being purely an operational vehicle delivering cost advantage by way of employing cheap labour; to driving strategic innovation and acting as a brand's window of penetration into new markets.  Celebrating the growing role of GICs in a modern day global enterprise, NASSCOM (National Association of Software and Services Companies) organised the 8th edition of its GIC conclave. The two-day event, inaugurated on April 20, was held in the city of Hyderabad, which is one among India's prominent IT hubs. The summit's prime ...

By Ranjeet Mahtani and Sweta Rajan Draft GST laws The Union Cabinet chaired by the Prime Minister has approved the Integrated GST, Central GST, Union Territory GST and GST Compensation bills on March 20, 2017. These four bills will now have to be passed by the Parliament. It is expected that the bills will be introduced in the Parliament early next week as a ‘money bill’ (note that the Rajya Sabha does not have the power to amend or reject money bills and is required to return it to the Lok Sabha within 14 days). Should the July 1, 2017 target for the introduction of GST in India be met, the Parliament will have to pass these bills before the end of ...

The Dollar Business Bureau Union ministers Nitin Gadkari and Nirmala Sitharaman joined today with over 100 corporate leaders from India at the World Economic Forum meet at Davos, Switzerland to display flagship programmes such as Make In India, Digital India etc. These programmes are expected to be showcased by the Government officials as the country seeks to attract more investments. They would also represent India’s economic strength and overall growth potential.  The WEF, held at Davos annually is the most sought-after gathering of elites from the spheres of business and politics. This year, the theme reflects a need for responsive and responsible leadership, very apt considering the political shocks that major western nations have rocked the world economic scene with.  India appeared to be ...

The Dollar Business Bureau China is looking to achieve a 13% annual growth in its software and IT service industries between 2016 and 2020. On Tuesday, the government released a five-year plan for the industry, underlining that it will support the development of software and IT service companies and will encourage them to become influential and competitive industry leaders. The Ministry of Industry and Information Technology (MIIT) established a goal for 2020, that industry business revenue should exceed 8 trillion yuan (about $1.2 trillion) with average annual growth of more than 13% from 2016 to 2020. MIIT said Chinese companies should acquire leading innovative abilities and significant advantages in key technological sectors including artificial intelligence, cloud computing and big data and virtual reality, state-run Xinhua news ...