Hyderabad, June 24 (ANI): After the global economic slowdown of the past two years, India's IT Industry has reported better-than-expected earnings for the last quarter, putting it back on the upward trajectory.
Business is back to normal with economic recovery in U.S. and European markets, which account for about 80 per cent of Indian software exports.
With a positive business outlook, the IT sector is now on an expansion spree and has started hiring again.
Unveiling the information booklet of 'e-India 2010', L. Suresh, President, IT Department, Government of Andhra Pradesh on Wednesday said the IT industry in India is now growing at 13 to 15 per cent.
"According to projections primarily based by NASCOM, you will notice that this year the growth is expected to be around 13 to 15 per cent in the export business primarily because the world economy has seen a turn around and recession is no longer there in many countries especially the US. We also have a lot of domestic business from India. So we expect at least 15 per cent growth in the IT business in this year 2010-11," he added.
Software professionals in Hyderabad are in high spirits as most companies are offering incentives, after a lull in the last couple of years.
"Yes, my company is hiring people. Every weekend interviews are happening. My company is hiring more and more people. I think IT has recovered 50-60 per cent, I think. It is not like the situation last year or the year before," said Rehana, an IT employee.
India's back-office outsourcing business is expected to post a growth of 15 to 16 per cent in fiscal 2010-11 on growing demand from overseas clients.
Indian BPO companies are optimistic that the Euro Zone will provide an opportunity to deliver high-value work at low costs. (ANI)