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Software growth rate could fall further: Infosys

The country's second-largest IT company Infosys on Thursday said that India's software export growth rate could be less than the forecasted 16-17 per cent during the current fiscal on the economic downturn.

business Updated: Feb 05, 2009 13:57 IST

The country's second-largest IT company Infosys on Thursday said that India's software export growth rate could be less than the forecasted 16-17 per cent during the current fiscal on the economic downturn.

"The probability that the growth rate will be lower than the 16-17 per cent is higher (than the chance of it being higher)," Infosys Director (Human Resources) T V Mohandas Pai said.

Scaling down India's software and services export revenue, including IT and BPO, industry body NASSCOM on Wednesday said that the sector is expected to clock 16-17 per cent growth in the current fiscal, posting a revenue of $ 47 billion in 2008-09.

NASSCOM had earlier estimated that this fiscal's software and services export revenue could touch 50 billion dollars, and the anticipated growth rate then was 21-24 per cent.

Pai said the customer is not spending on IT and there is a pricing pressure on the software companies.

"The customer wants more value for his money," he said.

Shares of Infosys were down 3.35 per cent at Rs 1,240 on the Bombay Stocks Exchange.