Indian IT Industry Expected To Grow In 2014
Financial Crisis of 2009
Since the global financial recession in the year 2009, IT industry has been into a consolidation mode. There have been lots of cost cutting and pressure on the India’s premier services sector, due to the economic turmoil. There were job cuts, slow growth, little or no salary increases and lots of hard work, but the good news is- things are back on track!
Indian IT Industry In 2013
Fast forward to the 2013, the Indian IT industry has shown its firm resilience. Leaving behind a turbulent 2012, the Indian IT sector consolidated its core in the software services sector, with its top 4 IT firms – 1. TCS, 2. Infosys, 3.Wipro and 4. HCL – all reporting far better financial results. The big 4 Indian IT industry reported a healthy growth of 12% to 14%, as compared to an under 10% growth last fiscal year.
In a special report by TOI group, the Indian IT market is expected to grow marginally year-on-year at 14% to post Rs.1.2 trillion ($185 billion) this fiscal from Rs.1.05 trillion ($160 billion) last fiscal. The industry added 188,000 jobs last fiscal, taking the total number of direct jobs to three million.
Murthy Came Back To Anchor Infosys
The year’s most promising news has been the comeback of Infosys co-founder NR Narayana Murthy as executive chairman in June. Infosys was struggling a lot when Murthy decided to join the company again post retirement to put the global IT giant back into reckoning against its competitors. Amidst the problem, the $7-billion Infosys, also saw 8 of its top executives, including 2 board directors quitting the company in search of greener pastures, this is when Murthy decided to anchor the ship again and make a comeback. Rest we all know, Infosys is bettering its performance already and once again Murthy showed why he is such a legendary leader.
Indian IT Industry In 2014
Continuing on its strong growth in 2013, the Indian IT sector is expected to be slightly better off in 2014. The resilient Indian IT sector, which is a $270+ billion industry, returned to the normal and better growth trajectory in 2013 and is hoping to gain momentum in 2014 for a greater share of the global IT market. All in all, Indian IT Sector seems to be well poised in 2014!