The next fiscal is expected to be better for the Indian software industry. The recovery of US economy and increasing job prospects seem to hold promise for Indian IT companies.
“We feel that FY14 is going to be a better year. Having said that, the December quarter always has furloughs that result in lesser growth in the quarter and volumes suffer,” said N. Chandrasekaran, Managing Director and CEO of Tata Consultancy Services, on the sidelines of an IT summit.
A number of IT companies were hinting at a revision in growth projections. However, Chandrasekaran, who is also the Chairman of Nasscom, said t they (at Nasscom) had projected a double-digit growth and were sticking to it.
Earlier this year, Nasscom had projected an 11 – 14 growth for the Indian IT industry.
Speaking about the US economy, he said, “I do think that the US is recovering - post elections, there is going to be focus on job growth and economic growth. In my mind, it would do better not only as an economy, but also for the tech sector.”
However, the volatile currency remains a concern. “It is very difficult to take a call on the rupee. We do think that as long as there no huge volatility between quarters, we are ok,” he said.