IT spending in BFSI to increase, manufacturing still a concern

IT spending in BFSI to increase, manufacturing still a concern

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IT spending in BFSI to increase, manufacturing still a concern
Mumbai: N Chandrasekaran, CEO and Managing Director of Tata Consultancy Services (TCS) believes that technology spend from sectors such as financial services, utilities are likely to go up, though tight IT budgets in the manufacturing vertical continues to be a concern, reports Economic Times (ET).

Talking to ET, Chandrasekaran said, "We will see a significant investment in the deployment of technology in both the private sector banks as well as the public sector banks. We expect good growth from retail, pharma and utilities. Manufacturing sector will tighten its budgets, so you should expect some reduction in budget in those markets."

It is also being expected that in the next few year, developing countries, including India, will spend more on technology upgradation while certain Western markets will hold back spending for some time. Chandrasekaran said, "IT budgets are going to behave differently in different markets and in different industries. In certain markets, its going to be increasing. In emerging countries like India, there is going to be a significant increase in IT spends whereas in the Western markets, it is going to be very industry-specific and company-specific."

Developing countries, including India, will spend more on technology upgradation while certain Western markets will hold back spending for some time. "IT budgets are going to behave differently in different markets and in different industries. In certain markets, its going to be increasing. In emerging countries like India, there is going to be a significant increase in IT spends whereas in the Western markets, it is going to be very industry-specific and company-specific," said Chandrasekaran.

Describing the potential of financial services in India, TCS CEO said that the financial services industry in India has created a strong technology platform in the area of core banking. However, a lot of work is to be done in the area of data accuracy, process IT integration and financial inclusion. "So, there is an opportunity to address the reach issue of financial inclusion," added Chandrasekaran.

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