NASSCOM on Wednesday released the Indian IT software and services performance data for the year 2008-09. The findings project the aggregate software and services sector revenues to touch $60 billion in the year ending March 31. The figures include domestic revenues but exclude revenues from hardware.
The Indian IT-BPO sector growth which was expected to be in the range 21-24 per cent in 2008-09 has been scaled down to 16-17 per cent for the year ending March 2009.
The domestic IT-BPO market in India is expected to gross Rs1.11 trillion in 2008-09 recording a growth rate of about 20%.
According to NASSCOM, the Indian IT-BPO industry will continue to be a net hirer with a focus on value creation. It will create direct employment of 2.23million and indirect job creation at about 8million.
According to Ganesh Natarajan, chairman, NASSCOM, the year 2008-09 has been challenging for economies across the globe, however the Indian IT-BPO industry has clocked steady growth. As a major contributor to the economy it has a multiplier effect in terms of export earnings, investment, employment and overall economic and social development he said.
Som Mittal, President, NASSCOM said ''Due to our strong fundamentals and as a derivative of the value we add to our global customers, the Indian industry will continue to grow inspite of global slowdown. Besides cost savings, customers derive great value from transformation of processes, access to critical resources, quality trained workforce and reduced reaction time, from the Indian industry. India offers the best solution to manage resources and IT budgets and improve competitiveness, even in today's difficult environment. However, factoring the impact of the global economic crisis in the second half of 2008-09, the industry is expected to grow by16-17% by March 2009. Despite an uncertain economic environment, the Indian IT-BPO industry will see sustainable growth over the next two years and our estimates indicate the industry will clock revenues of USD 60-62 billion by FY 11.''
Pramod Bhasin, Vice Chairman NASSCOM and President & CEO, Genpact said ''At an employee level, the industry continues to focus on training and building higher end skills and capabilities that enable employees to gain domain expertise. Performance benchmarking and skill upgradation will be strong measurement parameters for the industry as customer expectations of Indian companies will be higher. Overall, the industry will remain a net hirer.''
''NASSCOM continues to focus on its long term initiatives including talent and skill building, security and infrastructure in addition to its focus areas for the year including Green IT and Corporate Governance'', he added.