The apex software industry lobby Nasscom on Wednesday ended the practice of forecasting annual growth and said it was cautiously optimistic about 2019, citing rising global economic uncertainties arising out of trade wars and protectionism.
The decision was announced during Nasscom's Technology and Leadership Forum 2019.
Nasscom has been having a practice of coming out with an estimate on industry's revenue growth every February for the next fiscal year. Last year, it did not come out with a guidance in February, but pushed it to May because of difficult market conditions.
Its president Debjani Ghosh said the entire industry landscape is transforming at a faster pace with the advent of digital, making it "impossible to predict the future".
When asked if the body will come out with a number mid-way through the year like last fiscal, Ghosh denied such a possibility, saying there is a need to look at the industry with a "new lens" and gave a broad colour of what to expect. "At best, we are cautiously optimistic about the year....it is a year of challenges and transformation," she said, pointing out the difficulties that await the sector.
"So, the CEO survey is a much better way of understanding the outlook and end of the year we will come back and look at how the industry has performed," Ghosh said.
Keshav Murugesh, group CEO, WNS, said, "I actually think that CEOs on the client side are much more focused on the disruption out there in the market place. Who is their new competition, are they investing enough in technology, are they being relevant to the appropriate set of customers, things like that as opposed to focusing on what will happen which is out of their control. In fact, that is actually creating lots of new opportunities for all of us."
Rostow Ravanan, MD and CEO, Mindtree, said, "Our clients are telling us that they are preparing for a range of scenarios. Technology is empowering businesses to do so many things that they never thought was possible in the past. Every single speaker from the enterprise world is telling you that technology is part of the core business strategy for all the enterprises right now.