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.
<div class="paragraphs"><p>Close up of a female typing on keyboard. (Source: freepik)</p></div>
Close up of a female typing on keyboard. (Source: freepik)

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

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.

Click on the attachment to read the full report:

Nirmal Bang Information Technology Sector Update- 08 March 2023.pdf
Evidence Of Capex, Credit Cycle Driving Demand In The Economy: ICICI Securities


This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Get Regular Updates