NASSCOM lowers IT export growth estimates to 7-8% in 2017-18
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 ...
We categorically reject the reports of mass layoffs in the sector, Chandrasekhar, NASSCOM
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 ...
Australia visa move unlikely to affect Indian IT workers: NASSCOM
The Dollar Business Bureau The move by the Australian government to abolish the 457 visa for foreign workers would not have much impact on visas provided to Indian IT workers, said industry body National Association of Software and Services Companies (NASSCOM). “...it is a surprise and seems to be have been driven by domestic political compulsions where we are seeing immigration as a matter of huge political concern within the current geo political environment,” the industry body said in a statement on Wednesday. In order to tackle the rising unemployment, Australia has eliminated the 457 visa programme, which was used by more than 95,000 temporary international workers, with many of them being Indians. The Australian government will replace this visa with another programme by ...
Value chains have altered global trade: Yes Bank
The Dollar Business Bureau Yes Bank on Monday released its second report on India's structural trade dynamics which underscored that value chains have changed the face of global trade in recent times. Cross country inter-linkages have increased much more than the growth in volume trade. It has allowed developing and emerging economies to integrate with global markets. Trade has seen amazing growth with production being outsourced, driven by the economic rationale of comparative advantage with benefits of cost reduction and productivity enhancement. From this global perspective, India’s share in global export of intermediates at less than 2% (as of 2014) indicates its limited integration in global value chains. However, India trades the most with its global peers in intermediates. As such, it becomes interesting to ...
India must focus on skilled and un-skilled labour for inclusive growth: Economic Survey
The Dollar Business Bureau Ahead of the Union Budget for FY2015-16 on Saturday, the Economic Survey said on Friday that India can herewith concentrate on increasing investments instead of depending on borrowings. The Survey also stressed on the role of Make in India and the government’s supposed objectives to be achieved under that initiative. In this regard, the survey raised point on what should be India’s focus under ‘Make in India’, referring to two aspects of manufacturing and services. Pointing to the categorization of manufacturing in formal and informal sectors, the Survey suggests that in order to achieve expansion and a structural transformation, India need to concentrate on unskilled labour, which is its dominant resource. While mentioning that ...
