IT industry to clock $350 bn revenue before 2025: Nasscom

Nasscom recently has revised the IT sector's growth forecast downwards to 8-10% this year

Betting on solving the business problems the information technology industry, software industry lobby National Association of Software and Services Companies (Nasscom) feels that Indian IT sector will achieve $350 billion revenue earlier than the targeted date of 2025.

"IT (information technology) is not equal to coding, testing, running software programmes and creating a platform. IT is now about solving business problems. IT is about you and I becoming ambidextrous where we can think like a process man, technology man and a business man. It is about a person who has a solution and can anticipate how to solve a problem," C P Gurnani, chairman, Nasscom said at an interaction session on 'Future of Indian IT' with the IT entrepreneurs of Odisha organised by Confederation of Information Technology Enterprises.

 

"The moment we get into that mode, my belief is that Indian IT industry's target of reaching $ 350 billion revenue mark by 2025 will not only start looking achievable but also it may probably happen much earlier," Gurnani added.

Gurnani , chief executive officer and managing director of Tech Mahindra, is in the city to attend the three-day Executive Council Offsite meeting of Nasscom that kicked off today at Bhubaneswar.

"We created history in wireless by leapfrogging from wire line, then why can't we create it in the process, steel industry as the good news is that we still employ directly four million people, the maximum. Automation is a tool in my hand. IoT (internet of things) is biggest of opportunity in my hands which are going to be trillions of dollars business", said Nasscom chairman.

Nasscom recently has revised the information technology (IT) sector's growth forecast downwards to 8-10% this year. In April, Nasscom had projected that the $108-billion export-focused software and back offices jobs to grow 10-12% this year.

Demonetisation is a brilliant opportunity. The virtual money is an opportunity for us, he said.

In the long term, people expect that demonetisation will help the growth of GDP (gross domestic product) and bring more of the economy into the formal segment all of which will lead the adoption of technology, said R Chandrashekhar, president, Nasscom.