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Worst is over for IT services: Experts
By SiliconIndia | Tuesday, 08 December 2009, 18:37 Hrs |
6 Comments
Bangalore: The worst seems to be over for the Indian IT services industry as the captains of the sector were more upbeat about the future. Suresh Vaswani, Joint CEO, Wipro, said: "We do want to capitalize on the upturn that is taking place...Things are looking better and therefore the outlook is positive."
The export-dominated Indian IT services industry has been severely impacted by the ongoing recession in the developed economies, especially in the U.S. and Europe, and now there are signs of certain uptick in demand for outsourcing and offshoring, reports Economic Times.
Som Mittal, President of industry body Nasscom, said, worst seems to be over for the India's technology services industry and it is expected that IT would be driving the growth for many economies. He said the industry growth for Financial Year 2010 (FY10) is expected to be in single digits and not likely to revise estimates given the current optimism. "If you look at the first half, growth was not there. It is taking into account what growth rates will come in the third and fourth quarters," Mittal added.
Nasscom's forecast for FY10 fiscal is likely to grow much slower than the 16 percent growth in FY09. Vaswani said there are newer verticals and geographies emerging as growth opportunities. Wipro is seeing stronger demand for outsourcing in the Middle East and Latin America.
According to the Vaswani, the company has not been affected the Dubai crisis. "The contracts we have in Dubai are good contracts, they are sustainable contracts," he said, adding most of its clients in the Middle East are from oil and gas and manufacturing sectors and it does not have large exposure to the financial sector.
The export-dominated Indian IT services industry has been severely impacted by the ongoing recession in the developed economies, especially in the U.S. and Europe, and now there are signs of certain uptick in demand for outsourcing and offshoring, reports Economic Times.
Som Mittal, President of industry body Nasscom, said, worst seems to be over for the India's technology services industry and it is expected that IT would be driving the growth for many economies. He said the industry growth for Financial Year 2010 (FY10) is expected to be in single digits and not likely to revise estimates given the current optimism. "If you look at the first half, growth was not there. It is taking into account what growth rates will come in the third and fourth quarters," Mittal added.
Nasscom's forecast for FY10 fiscal is likely to grow much slower than the 16 percent growth in FY09. Vaswani said there are newer verticals and geographies emerging as growth opportunities. Wipro is seeing stronger demand for outsourcing in the Middle East and Latin America.
According to the Vaswani, the company has not been affected the Dubai crisis. "The contracts we have in Dubai are good contracts, they are sustainable contracts," he said, adding most of its clients in the Middle East are from oil and gas and manufacturing sectors and it does not have large exposure to the financial sector.
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Reader's comments(6)
1:
they are saying that we are recovering from recession...but they report to media that our company profits Rs.500 crore for the 1st quarter 2009...i think they are cheating public in the name of recession......if not how they make that much of profit....
Posted by:srinivasan
- 09 Dec, 2009
2:
now they say there is a sign of recovery.But later they lay off many and say we're seeing a positive outlook by later 2011&12
Posted by:rajkumar
- 08 Dec, 2009
3:
Try to address under employment. Kyun lag raha hai ki Aasmaan se utre to khajoor par atke. Remember "Work is God".
Posted by:Gods must be crazy
- 08 Dec, 2009
5:
There are a lot of signs these days showing that we are out of recession..
Posted by:Tarun
- 08 Dec, 2009
Beautiful and dress selection, please go to Dresses
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