Indian IT sector lobby group cuts growth forecast for FY17

India's IT services sector will likely grow slower than expected this financial year as local and global factors weigh on the outsourcing industry, a leading local industry lobby group said on Wednesday. Revenue from the sector is likely to grow 8 to 10 percent in constant currency terms in the fiscal year ending March 2017, lower than an earlier forecast of 10 to 12 percent, the National Association of Software and Services Companies (NASSCOM) said. Events such as the U.S. presidential election and Britain's vote to exit the European Union have weighed on the Indian IT outsourcing sector with most of its revenues coming from North America and Europe.

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