Highlights From The Nasscom Strategic Review 2023: Nirmal Bang
India’s value proposition is still intact, but India has become an outsized portion of global sourcing.
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Nirmal Bang Report
Many years back, Nasscom had decided to stop giving a growth outlook for the Indian IT Services industry - something it used to do at the annual Nasscom Technology and Leadership Forum.
Nevertheless, it does a historical study of the industry in a Strategic Review that it puts out every year. It has also started doing a CXO survey (of both the enterprise customers of the Indian IT Services industry as well as those from the vendor side), which gives outlook for the upcoming year – although not in numerical terms.
Something similar has been done in March 2023 at the NTLF 2023.
According to Nasscom, the Indian IT industry has likely grown IT and IT enabled services exports by ~9.5% in FY23. We assume that the growth in constant currency terms would have likely been 300-400 basis points higher.
Nasscom conducted its annual survey of global CXOs (400 plus this time) – the Nasscom Enterprise CXO Survey 2023 - to capture Tech Buyer inputs on business sentiment, economic outlook, technology spending and priorities in mainstream and emerging technologies.
We are not sure when the responses were sought as the macro environment has turned a bit more benign in early 2023 compared to late 2022 and this could have an impact on the customers’ sentiment and their responses to the survey. Our interactions with the Indian IT Services companies also indicate mood swings among customers on near term spending decisions, probably buffeted by mixed developed market macro data.
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