IT export likely to grow at 8%; 1.5 LAKH JOBS IN Offing: NASSCOM

HYDERABAD: Notwithstanding headwinds, Indian IT export is projected to grow by 7-8 per cent - the same rate as last year - while the domestic infotech industry is expected to expand at 10-11 per cent in 2017-18, Nasscom said in its guidance on Thursday.

The IT-BPM industry is expected to add 1.3-1.5 lakh new jobs during 2017-18, Nasscom president R Chandrashekhar told reporters here.

In the previous fiscal, the industry's net hiring stood at 1.7 lakh. Keeping in view the political and economic uncertainties in key overseas markets that impacted decision-making and discretionary spend, and also the performance of IT companies last year, the industry body expects the future outlook to be positive, he said. "We expect export revenues to grow by 7 to 8 per cent, not hugely different from last year (7.5%), notwithstanding the headwinds we talked about (H1-B visa curbs in US, protectionism and Brexit). The domestic segment is actually growing at slightly faster pace - that is 10 to 11 per cent in dollar terms.

"We definitely see the industry to be net hirer of as many as 1.3 to 1.5 lakh people in the year ahead. This industry continues to be a substantial hirer and a substantial creator of new jobs. At the same time, there is a churn in the industry too," Chandrashekhar said.

He said as the industry is currently driven by digital revolution, Nasscom has decided to re-skill about 1.5 to 2 million IT professionals to equip them for future requirements.

"Nasscom is working with its partners, members to establish a comprehensive digital platform. You will be hearing about this more during the months ahead. We expect 1.5 to 2 million people amongst the workforce to be re-skilled in the next four to five years."

The size of the Indian IT industry is pegged at $154 billion, including $11 billion incremental revenues added in the previous fiscal, according to Nasscom.

"Uncertainty impacted the businesses. Whether it is BFSI segment or healthcare, all segments confronted by the uncertainty delayed the decision-making in the quest for stability. That translated into low opportunities for IT industry," the Nasscom chief explained. NEW DELHI: SBI Capital Markets (SBI Cap) has been roped in as the transaction advisor for the divestment process of three units of SAIL and Luthra and Luthra has been engaged as legal advisor for stake sale.

"SBI Cap is the transaction advisor while Luthra and Luthra Law Offices is the legal advisor," a source privy to the development said. Protocol Insurance Surveyors & Loss Assessors is the assets valuer for the stake sale, the source said.

Steel Authority of India (SAIL) had in February invited proposal for engagement of the transaction officer.

The country's largest steel maker had proposed to engage the transaction advisor from among reputed professional consulting firms, investment bankers, merchant bankers, financial institutions, banks, etc for providing advisory services and managing the disinvestment process.

SBI Cap will also undertake tasks related to all aspects of the strategic disinvestment culminating into successful completion of the transaction.

It will also assist SAIL on modalities and timing of the strategic disinvestment, and prepare and submit a detailed operational scheme to successfully implement the stake sale process, including tentative timelines for each activity.

Moreover, it will finalise the process of strategic disinvestment, among others.

The government had inprinciple decided for strategic disinvestment of SAIL'S Alloy Steels Plant, Durgapur; Salem