Indian IT industry to grow 16-18 percent, market cautious

August 23rd, 2011 - 10:10 pm ICT by IANS  

New Delhi, Aug 23 (IANS) Software industry body Nasscom Tuesday said it is confident about its projection that the IT industry in India will continue to be on the growth trajectory of 16-18 percent during 2011-12 fiscal even as the industry maintains a cautious outlook due to the economic uncertainty in US and Europe.

“There is no reason for us to be worried. We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market,” Nasscom president Som Mittal told reporters on the sidelines of the Nasscom BPO strategy summit 2011.

Earlier during the month, the association had sought to clear the air about any possible impact of the ratings downgrade of US, the world’s largest economy, on India’s software and outsourcing exports.

Nasscom had said that the crisis in the US did not have any major bearing on the country’s private sector. Although the global economic environment was a cause for concern, it was not likely to impact the Indian IT industry, in the near-term future.

The international credit rating company Standard and Poor’s earlier this month downgraded the top notch AAA credit rating of the US government’s ability to pay back its creditors and investors to AA+.

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