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Nasscom confident of 16-18% Indian IT industry growth

Nasscom confident of 16-18% Indian IT industry growth
PTI
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First Published: Tue, Aug 23 2011. 02 39 PM IST
Updated: Tue, Aug 23 2011. 02 39 PM IST
New Delhi: Software body Nasscom Tuesday said it remains confident about its projection for 16-18% growth of the Indian Information Technology (IT) industry in fiscal year 2012 despite the economic uncertainty in the United States and European markets.
“There is no reason for us to be worried. We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market,” Nasscom president Som Mittal told reporters here on the sidelines of the Nasscom BPO Strategy Summit 2011. He, however, added that the industry maintains a cautious outlook.
Fears of a financial crisis gripping major markets like the US and many European nations has raised concerns of clients cutting their IT budgets, which would impact Indian firms in a major way. Earlier this month, ratings agency S&P downgraded the US credit rating, which heightened concerns about the fallout of the global turmoil on the Indian IT industry.
The US and European region account for over 85% of the revenues of the over $70 billion Indian IT sector.
Nasscom had in February presented a conservative outlook of 16-18% growth in IT exports in 2011-2012 in the wake of the slow economic recovery in the US and uncertainty in the European region.
The growth in software and services export is expected to be 16-18% and the sector is slated to bring in revenues of $68-70 billion. The growth in the domestic market is estimated to be 15-17% with revenues of about $19-20 billion.
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First Published: Tue, Aug 23 2011. 02 39 PM IST