In terms of revenue generation, Nasscom said the industry had added $11 billion revenue in the fiscal year 2017 with 8.6 percent growth in constant currency terms.
Shares of IT companies were trading mixed in afternoon trade on Thursday after Nasscom said software exports would grow 7-8 per cent while revenue from domestic market is likely to increase 10-11 per cent this financial year.
The more-than-$150 billion industry saw exports rising 7.6 percent a year ago, according to a statement from The National Association of Software and Services Companies (NASSCOM). Their exports contribute about 80 per cent to the revenue, with the U.S. market accounting for 60 per cent of it. "The industry body said it expects to add 1.3-1.5 lakh new jobs this year, and marked cloud platforms, business intelligence, cognitive technology and embedded technology as growth areas".
Noting that digital solutions and niche segments would be the key growth drivers, the industry's representative body said the revenue projection was based on improvements in financial services and high potential in digital business. Nasscom attributed this to "relatively fast adoption of digital solutions by Indian enterprise".
"That translates to lower opportunities for IT industry because of lowered investments", R Chandrashekhar, president of India's biggest trade body for the outsourcing industry, said at an event the southern city of Hyderabad which was broadcast live on Facebook.
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The oil minister further said that the Islamic Republic is in talks with other OPEC members for a decision on the issue. Zanganeh has expressed the hope that OPEC would agree on extending earlier output cut in the upcoming meeting.
Last November, Nasscom had lowered its annual forecast from 10-12 per cent, due to an adverse impact from Brexit in the United Kingdom, the U.S. elections and stressed financial services spending.
Adding to the industry's woes in the past year are protectionist policies in almost all its big markets, including US, UK, Europe, Singapore and New Zealand. This industry continues to be a substantial hirer and a substantial creator of new jobs.
"The IT industry has been key to American corporations' innovations and competitiveness and over three-quarters of the top 500 USA companies use Indian IT services", said Chandrashekhar.
"We definitely see the industry to be net hirer of as many as 1.3 to 1.5 lakh people in the year ahead. At the same time, there is a churn in the industry too", Chandrashekhar said.
Nasscom is also working to establish a comprehensive digital skilling platform to reskill a 1.5 to 2 million workforce in the next four-to-five years.
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