Nasscom pegs revenues of Indian software industry at $60 bn (Lead)February 4th, 2009 - 3:18 pm ICT by IANS
New Delhi, Feb 4 (IANS) The Indian software and services industry is expected to grow 16 percent this fiscal and log revenues of $60 billion despite the global slowdown, a top lobby for the industry said Wednesday.The National Association of Software and Service Companies (Nasscom) said in its report that together with the business process outsourcing (BPO) sector, the revenues are expected to top $71.7 billion with a growth of 17 percent.
Of this, the export of software and services will account for $47 billion, growing by 16-17 percent. The association also said the domestic BPO industry would log a growth of as much as 40 percent this fiscal.
“The current financial year has been challenging for economies across the globe. But the Indian IT-BPO industry has exhibited a balanced growth,” said Ganesh Natarajan, chairman of Nasscom and global chief executive of Zensar Technologies.
“We have seen Europe, Asia Pacific and rest of the world grow more than US, reaffirming geographical diversification as an encouraging trend for this industry,” Natarajan told reporters, while releasing the association’s report.
Nasscom also said it expected the software and BPO industry to grow by 15 percent annually till 2010-11 to log export revenues alone of $60-62 billion.
“Due to our strong fundamentals and as a derivative of the value we add to our global customers, the Indian industry will continue to grow in spite of global slowdown,” said Som Mittal, president of the association.
“We also feel that this is a time of learning and optimisation for the industry, we would urge our member companies to see this as a silver lining.”
Following are the key highlights of Nasscom’s projections:
-Total IT-BPO industry to touch 71.7 billion in 2008-09
-The industry to account for 5.8 percent of the country’s gross domestic product
-Domestic BPO market to growth by over 40 percent
-BPO exports estimated to grow by 17.5 percent to $12.8 billion
-IT services exports estimated to grow by 16.5 percent to $26.9 billion
-Software products, engineering services to grow by 14.4 percent to $7.3 billion
-Exports to Europe log highest growth, while US remains dominant market
-Uncertain economic environment to prevail in 2009
-Indian IT industry expected to grow 15 percent annually till 2010-11
-Exports projected to $60-62 billion by 2010-11
-Industry remains a net hirer with 2.23 million new direct jobs
-Indirect job creation estimated at 8 million
- Indian IT exports to touch $50-billion despite meltdown - Feb 04, 2010
- Revenues of Indian software industry to top $60 billion: Nasscom - Feb 04, 2009
- Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect) - Dec 30, 2010
- Indian IT service industry to cross $100 bn revenue mark - Feb 08, 2012
- IT sector must overcome challenges: Economic Survey - Feb 25, 2011
- Nasscom meet focuses on IT-outsourcing sector - Feb 07, 2011
- India likely to quadruple industrial growth to 225 billion dollar by 2020: Som Mittal - Sep 01, 2010
- European crisis not to hit Indian IT: Nasscom - Sep 21, 2011
- Indian IT industry's revenue up 19 percent in 2010-11 - Sep 10, 2011
- India's software industry sees little US impact but market nervous - Aug 08, 2011
- India's IT industry bets on growth despite uncertainty - Jan 08, 2012
- Indian IT industry bucks global recession to sustain growth - Jul 19, 2009
- IT industry lauds PM's move to review tax laws - Jul 30, 2012
- First Nasscom meet in Kerala - Sep 27, 2011
- US, Europe on recovery path: Infosys Kris - Mar 08, 2012
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