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According to National Association of Software and Services Companies President, the Indian IT industry will witness a growth of 4% to 7% during the 2009-10 fiscal year, adding that the industry will register higher growth during next fiscal.
"I think we are already seeing changes in trends that we had anticipated. The first half has been relatively flat, but the vector is right," said Som Mittal.
"So we think this year the growth will be as anticipated between 4-7 percent and double digit growth will happen next fiscal," said Mittal while addressing the media on the margins of the India Economic Forum of the World Economic Summit being held in New Delhi.
However, according to him, “the industry is unlikely to reach the stupendous growth rate it had posted till 2007”.
"We had growth rates of 30 percent for a whole decade. It's very difficult to sustain that. In the next 10-12 years, we will grow at a compounded annual growth rate of 14 percent," said Mittal.
"From our current $50 billion last year, we will go up to something like $225 billion. This target could be achieved only if the sector develops its capabilities to deliver to the increasing demand," said the Nasscom head.
"We have to move away from just doing work in six top cities and develop the 43 other cities that we have identified."
