Software and services export to cross USD 40 billion: NASSCOM

Mumbai, Feb 11, (UNI) The melting US economy and the appreciating rupee is in no way stopping the growth of the Indian IT industry poised to a 33 per cent growth in fiscal 2008 and bang on target to emerge a 75 billion US dollar sector by 2010, NASSCOM today announced.

Releasing the strategic review for 2008 at a press conference here, NASSCOM Chairman Lakshmi Narayanan said ''Despite heavy winds, we continue to do very well and are meeting year after year, stretched growth targets.'' NASSCOM said software and services export would cross USD 40 billion in fiscal 2008 with the domestic market estimated at USD 23 billion.

''Positive market indications and strong records strongly support the optimism of the industry in achieving its aspired target of USD 60 billion in software and services exports and USD 73-75 billion in overall software and services revenue by fiscal 2010. Direct employment was expected to reach two million'' Mr Lakshmi Narayanan said.

He said ''The robust growth of the Indian IT BPO industry by over 33 per cent in the current fiscal re inforces the confidence of global corporations in India. As we move, 2010 trend indicates that the industry is firmly poised for broad growth across industry and service lines. It strengthen India's leadership position as the primary sourcing location for software IT experimentation and business process related services'', he added.

The new NASSCOM President Som Mittal said the Indian IT industry has been rapidly evolving and growth was on track to achieve, if not exceed the targets for 2010. ''The trends are interesting and findings indicate that domestic market is poised for growth with IT spends trending upwards, particularly by the government'' he added.

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