The year 2004 saw voices against outsourcing reach the crescendo and gradually die down to give more credence to the global delivery model with clients returning to the Indian IT vendors and two more companies joining the billion dollar club.
Software sector, despite a strong rupee appreciation, posted a buoyant growth. Software & services exports were up 30.5 per cent in 2004-05 to touch $12.5 billion. While the overall growth in software and services exports from India was above NASSCOM projections, it was below estimates in the ITeS/BPO segment at $3.6 bilion.
Overall, the Indian software and services industry grew by 28.2 per cent in 2003-04 to $15.9 billion.
NASSCOM estimated that the industry, including domestic, will see revenues cross $20 billion in 2004-05 with services and software exports growing at 30-32 per cent to record revenues of over $16.3 billion.