India’s IT sector grows 9.2% in fiscal year-end 2019
India’s information technology and business process management sector maintained strong growth in the 2018-19 fiscal year, according to the latest data from Nasscom, the trade association of the Indian IT BPM industry. Figures showed that the sector grew 9.2% for the period, in large part due to more companies undertaking digital transformation and embracing automated services. The data also revealed that the digital segment grew 30% year on year, and is estimated have pulled in revenues of about U$33 billion, with total industry revenues at about US$155 billion. Nasscom president Debjani Ghosh said that in the year there was the highest investment in technology for the past five years which helped fuel growth in the sector. Going forward, however, the challenges in global macroeconomic outlook such as Brexit, the US-China trade war, and increased government uncertainties over regulation, may dampen future growth.