Indian IT industry to grow 16-18 percent, market cautiousAugust 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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- Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect) - Dec 30, 2010
- Nasscom meet focuses on IT-outsourcing sector - Feb 07, 2011
- Indian IT service industry to cross $100 bn revenue mark - Feb 08, 2012
- India's software industry sees little US impact but market nervous - Aug 08, 2011
- S&P; cuts ArcelorMittal ratings to junk status - Aug 03, 2012
- IT sector slams budget on 'retrogade' taxes - Feb 28, 2011
- US loses 'stable' outlook from top agencies - Nov 29, 2011
- US credit rating downgrade worrisome: Pranab - Aug 06, 2011
- Fitch downgrades ratings of five EU nations - Jan 28, 2012
- US rating downgrade won't hurt Indian exports: Scindia - Aug 29, 2011
- IT industry lauds PM's move to review tax laws - Jul 30, 2012
- Infotech can improve healthcare in India: Nasscom - Jan 30, 2012
- India likely to quadruple industrial growth to 225 billion dollar by 2020: Som Mittal - Sep 01, 2010
Tags: aa, aaa credit, bearing, credit rating, creditors, economic uncertainty, economy, geographies, global economic environment, growth trajectory, investors, mittal, nasscom, New Delhi, private sector, sidelines, software industry, standard and poor, summit, us government