The National Association of Software and Services Companies said the Indian IT-BPM sector grew 7.7% in FY20, with exports reaching $147 billion, and headcount addition accelerated from the previous year but the sector is still ‘cautiously optimistic’ about FY21. Despite growth rates moderating, Nasscom President Debjani Ghosh said it was a good performance from the sector. “Any industry that delivers more than 7% growth is a strong industry. We cannot tell if this is the new normal, but when the world economy is growing at about 3% then this is good growth,” Ghosh said. The industry body said the sector, which had $191 billion in total revenue, had added 205,000 jobs in FY20, up from the 185,000 at the end of FY19. The IT services revenue grew 6.7% to $97 billion, in reported currency. The BPM sector revenue grew 8.2% to $38 billion, while engineering R&D revenue grew 11% to $33 billion.

(ET Tech)