IT exports set to grow 13-15% in new fiscal | delhi | Hindustan Times
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IT exports set to grow 13-15% in new fiscal

India’s software and IT-enabled service exports are set to end the current fiscal year with a $50-billion mark and rebound to a 13 to 15 per cent growth in the new fiscal year from a tepid 5.5 per cent in the meltdown-hit current year, industry association Nasscom said on Thursday.

delhi Updated: Feb 04, 2010 20:42 IST
HT Correspondent

India’s software and IT-enabled service exports are set to end the current fiscal year with a $50-billion mark and rebound to a 13 to 15 per cent growth in the new fiscal year from a tepid 5.5 per cent in the meltdown-hit current year, industry association Nasscom said on Thursday.

A revival is under way for the software and business process outsourcing (BPO) industries that account for 2.3 million direct jobs, but the rebound may be somewhat stymied by the lingering effects of the US recession, the National Association of Software and Service Companies (Nasscom) said.

Nasscom expects software and services exports to rise 5.5 per cent and touch $50 billion in 2009-10 and reach $56-57 billion in 2010-11.

However, the growth projections for next fiscal are less than earlier expectations of exports touching $60-62 billion.

“There still is some impact of the recession that will take another two to three quarters to wane off and stabilisation to set in. The important point is that sentiment has improved and spending has increased,” said Pramod Bhasin, chairman, Nasscom.

“The core markets are back to previous levels though there is tremendous headroom for growth in core and emerging markets,” the report said. It further added that the industry continued to diversify geographically with Asia Pacific emerging as a high growth centre with 10 per cent growth. Nasscom estimates Asia Pacific to grow at 22 per cent as against the industry growth rate of 17 per cent.

BPO exports are expected to grow by six percent to touch $12.4 billion. “BPOs are moving up the value chain to provide high end services,” Bhasin said.