 "If all's well, Hyderabad IT sector expected to grow at 10% in FY21: Report")
Despite slowdown due to
COVID-19, the Information Technology sector located here is expected to grow around 10 per cent during the current financial year, a whitepaper by Hyderabad Software Enterprises Association (HYSEA) said.
The Whitepaper, which was prepared along with KPMG, CBRE and Telangana government, was released by Minister for IT and Industries KT Rama Rao on Thursday.
"There is a slowdown expected in FY21, but the industry in Hyderabad is still anticipating growth of around 10 per cent.But this is subject to further uncertainties as we see second and third waves of COVID-19 in many countries," it said.
The pandemic has made more than half of the industry "embrace/expect flat or negative growth."
As per a recent survey conducted by HYSEA, close to 38 per cent of the organisations that took part in the study believed that revenues would go negative or remain flat in FY2021, while another 24 per cent were unsure, it said.
However, about 38 per cent of the participating organisations believed that there would be growth in business, of which 43 per cent are global capacity centres with their headquarters outside India, according to the report.
Rama Rao in his address said there were no major layoffs in Hyderabad IT industry during the pandemic.
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The State Government has set up a "Layoff Redressal Committee" and counselled several companies and employees to address their problems during COVID-19 times, he added.
He anticipated that work from home culture may continue for some time given the situation.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)