IT Companies May Hire 2.75 Lakh During the Current Year: Nasscom

IT and services body Nasscom expects that the hiring by IT companies would be about 2.75 lakh during the current year, while the overall industry may grow by $20 billion (roughly Rs. 1,33,390 crores).

"Business will grow by 12 to 13 percent. We are confident about that, depending on where the dollar and Rupee would go.

In terms of people, it (hiring) is 2,75,000. "But if you compare it with the previous years, we will probably add about $20 billion extra revenue this year.

Last year we only added about $16 billion (roughly Rs. 1,06,684 crores)", Nasscom Chairman BVR Mohan Reddy said on Thursday at the sidelines of a programme organised by IIT-Hyderabad.

Reddy had earlier in June indicated that the hiring this year would be about 2.3 lakh. According to him, last year IT and services sectors touched $148 billion (roughly Rs. 9,86,739 crores) revenues.

Nasscom recently said the Indian technology and services industry is on track to reach its goal of $225 billion (roughly Rs. 15,00,111 crores) in revenues by 2020 and further to reach revenues of $350 billion (roughly Rs. 23,32,761 crores) by 2025.

He said the growth in revenues is largely due to adoption of 'disruptive' technologies in terms of automation and knowledge-based workforce coming into the sector.

On the impact of floods in Chennai on the IT industry, Reddy said most of the big companies have already taken precautionary measures and avoided troubles.

"Hopefully as far as the disaster management is concerned, the companies have already done that. Data backups have been moved out of Chennai momentarily. I think it is receding at this juncture", Reddy said.

"Employees were sleeping in offices. Infrastructure has been created for the people to stay back in offices. We are also making sure that the disaster recovery backup system has been moved to other locations", he said.

On the market outlook, he said it is stable and positive. He, however, opined that the disturbances in some of the regions may have some impact in the long-run.