As the year 2012 draws to a close, the Indian IT industry has made significant progress during the last decades. According to The National Association of Software and Services Companies (NASSCOMM) India has captured a sizeable share of 58% in 2011 which was up from 51% in 2009 in global technology sourcing and business services market.

The year 2012 was marked by slowdown in global economy resulting in weak growth prospects of several world economies including India. The recovery process of Indian economy which began after the financial crisis of 2008 as reflected in the performance of FY11 again took a pause in FY12. Yet the IT-ITeS sector not only showed resilience amidst the slowdown but also marked a new milestone of crossing US$ 100 bn revenues in FY12.

Infosys Co-Chairman Kris Gopalakrishnan reported that it expects 2013 will be a much better year for the IT sector.

While Hexaware also reported that it is expecting the coming year to be “more muted”, report says. Mindtree is expecting to grow slower than the industry average of 11-14%.