IT industry body, NASSCOM has said that it is scrapping the growth projection for the IT sector as it needs new metrics to detail future growth.
The yearly growth projection by NASSCOM became highly controversial in the last two years. Tata Consultancy Services, India’s biggest IT services provider along with numerous other major firms alleged that the metric was irrelevant and raised questions on its existence.
“The guidance was taken from an IT-BPM services standpoint. We are trying to change the perception of who we as Nasscom represent and what that guidance represents,” Rishad Premji, Chairman of Nasscom and chief strategy officer at Wipro, said.
He also restated that the scrapping of the target was not connected with growth concerns. “We are not sharing the guidance because it is a good or bad year. It is a philosophical shift,” added Premji.
Nasscom has said that the industry would witness a growth of 9.2 per cent in the Fiscal Year 2019.
‘’The body is searching for a new lens and new metrics to describe future growth. This is the year of challenge and transformation,” said Debjani Ghosh, President, Nasscom.