Technology spending has not slowed down despite recession fears, says NASSCOM President

The Indian IT industry has been thriving despite the challenging times the world has faced in recent years. Debjani Ghosh, President of NASSCOM, stated that technology spending has not slowed down, and in fact, clients are spending more on tech during a recession. This sentiment was echoed by Janmejaya Sinha, Chairman of BCG India, who believes that India is well positioned within the complex world.

Speaking to CNBC-TV18, Ghosh said that the IT industry faced concerns in 2022 due to the Russia-Ukraine situation and geopolitical dynamics. However, the industry has built resilience and delivered a reported currency growth of 9 percent. This is a testament to the industry's ability to adapt and remain competitive in the face of adversity.

“The growth in 2022 was very good given that 2021 was a year of records and milestones. Also given what was happening towards end of 2021 and beginning 2022 with Russia-Ukraine situation, the global geopolitical dynamics, there was lot of concern. So I think 2022 was a year of resilience which resulted in strong growth of around 9 percent in reported currency,” Ghosh said.

While the world remains in a state of uncertainty, certain industries in India are poised to do well. Janmejaya Sinha highlighted the healthcare and nursing industries as areas of growth. The COVID-19 pandemic has brought the importance of healthcare to the forefront, and the Indian healthcare industry has been expanding rapidly to meet the demands of the population.

Ashish Dhawan, Founder of ChrysCapital, remains bullish on the Indian market despite it not being cheap. He believes that emerging markets are better positioned compared to developed markets, as the latter faces the possibility of low-to-zero returns in the next 10 years due to excessive leverage.