In an interaction to CNBC-TV18's Shereen Bhan on the sidelines of NASSCOM Leadership Summit, Chandrashekhar said the industry is hoping for a push to start-up network in the Budget, including clarity in taxation system to prevent them from moving overseas. Start-up tax must be abolished, he said.
According to Noshir Kaka, MD, McKinsey, traditional deals are seeing a decline while digital ones are growing. He sees mega consolidation and niche deals in the market and expects both outbound & inbound acquisitions.
Start-up investment may not be as big as indicated by IT companies, Kaka said, adding that companies have been seeking streamlining of transfer pricing & SEZ taxation from the Budget.
R Chandrasekaran, Group Chief Executive, Cognizant, said the company is well positioned to meet customer demands and is optimistic about US, especially healthcare.
We continue to invest across sectors and will look at innovative start-ups, he said.
Cognizant sees digital taking over majority deal flow over time, but expects the ticket size for these deals to vary.
Dinesh Malkani, President - India and SAARC, Cisco, said the company has set aside USD 40 million to invest in start-ups. "Start-ups are well placed to establish and create verticals," he said.
Below is the transcript of the panel discussion
Q: Your take…
Chandrasekaran: But overall from an industry point of view, we see the demand environment to be robust.
Q: How much more can you bet on what you have been able to deliver in the last fiscal?
Chandrasekaran: From a Cognizant point of view, we have guided to 19 percent growth for our financial year so definitely we expect better results because we want significant number of large deals during the course of FY14 and all those deals are expected to ramp up during 2015. So we expect our revenue to be better.
Q: Let's talk about the year ahead and we have just heard a comment coming in saying that this FY16 is probably going to better at least for specific companies in comparison to FY15. Near term growth will continue to be driven by traditional businesses, IMS is not going anywhere despite all the talk of digital and so on and so forth.
Kaka: Firstly it is nice to know that we say 12-14 percent is muted guidance. I don't think there are many countries, industries or sectors which will ever say that but we are happy to take that tag.
Clearly what Chandra has said is right which is the demand environment appears to be reasonably strong but there as you look three to four years out, what we see clients doing very much is they're shifting budgets They are shifting budgets from what we would call traditional legacy type investments and applications towards much more, whether you take digital, cyber security, Internet of Things (IoT) kind of investments and as that transition occurs you will see movements of budgets and therefore companies showing different growth rates depending on which budget they are catering to. So, that level of uncertainty continues but underneath that all, technology is still proving to be t5he single greatest lever of productivity whether you take the US or you take India as well. So, you can bet on the fact that this industry will continue to show robust growth.
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