India’s IT companies such as Tata Consultancy Services Ltd., are expecting a growth of as much as 9 percent in fiscal 2019 as they strengthen themselves in various areas of new rapid digital technologies that are taking the industry by storm.
Tata’s IT industries are rapidly building up their forte on automation and artificial intelligence. “The current outlook is cautious optimism,” R Chandrashekhar, president of Nasscom said. Sales are to rise by 7 to 9 percent in constant currency terms by the end of March 2019. In its current financial year, revenue is expected to rise 7.9 percent to $167 billion.
“There is still some turbulence and it is not clear how some of the known uncertainties will play out, however, FY 2019 is likely to be a better year, based on our current assessment,” he added. Nasscom’s 2400 members include Infosys Ltd., and Wipro Ltd.
Before the new technologies that developed, a couple of years ago, the biggest IT services companies grew at double-digit rates. They were hired by the thousands as they have been providing services to a company such as Citigroup Inc. and General Motors Co.
R Chandrashekhar, president of Nasscom said that the Indian sector is now in a better position which had likely hired 100,000 net additional people in the current year. The companies are capitalizing for the demands for digital services from the clients. It is said that the digital revenue is known to grow from 1.5 to 2 times of these companies other than other businesses.