Growth of Hyderabad IT sector anticipated at 10% in FY21

 Growth of Hyderabad IT sector anticipated at 10% in FY21

As per a whitepaper by Hyderabad Software Enterprises Association (HYSEA), Hyderabad IT industry will grow at the rate of 10 per cent in the financial year 2021, in case the situation due to Covid-19 remains unchanged. 

On Thursday, KT Rama Rao, Minister for IT and Industries, announced the update through ‘The Whitepaper’. "There is a slowdown expected in FY21, but the industry in Hyderabad is still anticipating growth of around 10 per cent. 

But this is subject to further uncertainties as we see second and third waves of COVID-19 in many countries," mentioned the paper. 

Due to the pandemic, some of the IT firms expect unchanged growth whereas, rest of the industries have enumerated a negative growth. According to HYSEA’s fresh survey, 24 per cent of the organisations who participated in the survey actively, had nothing to say about the growth in financial year 2021, while almost 38 per cent of the organisations expressed their strong consent to negative or unchanged revenue in FY2021. 

Although, the report clarifies that most of the organisations who have anticipated growth in FY2021, are situated outside India. 

Rama Rao also mentioned that even in the presence of Covid-19, Hyderabad IT industry didn’t face any major layoffs. 

The State Government has set up a "Layoff Redressal Committee" and counselled several companies and employees to address their problems during COVID-19 times, Rama Rao added. 

Moreover, he believes that work from home will persist until the situation gets better.

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