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IT software and services exports to touch $50 billion this fiscal news
09 July 2008

Mumbai: The export of software and related services from the country grew 28 per cent to cross the $40 billion mark in the fiscal year 2007-08 despite the global economic turmoil, and is set to grow by 21-24 per cent to touch $50 billion in fiscal 2008-09, the National Association of Software Service Companies (NASSCOM) said in a report.

According to the annual NASSCOM survey, the Indian IT-BPO industry (including domestic market) recorded an overall growth of 28 per cent (currency adjusted), clocking revenues of $52 billion in FY07-08 up from $39.6 billion in FY06-07.

The software and services exports segment grew by 29 per cent (in dollar terms) posting revenues of $40.4 billion in FY07-08, up from $31.4 billion in FY06-07. The domestic segment grew by 26 per cent (in rupee terms) posting revenues of $11.6 billion in FY07-08.

Within the export segment, IT services exports have grown by 28 per cent (in dollar terms)  to clock revenues of $23.1 billion; while BPO exports are up by 30 per cent (in dollar terms) recording revenues of $10.9 billion.

Engineering services and products exports clocked revenues of $6.4 billion, growing at 29 per cent (in dollar terms) in FY 07 -08.  

The survey also projects that the overall software and services revenues will grow by 21-24 [per cent (currency adjusted) to touch $50 billion in FY08-09.

Speaking at the conference,  NASSCOM president Som Mittal said ''The Indian IT-BPO industry's resilience is reflected in its FY07-08 performance, with a 28.2 per cent overall growth rate and next year's projected growth between 21-24 per cent. Given that we are well on our way to achieve the target of $60 billion in exports by FY09-10, the industry is now focusing on improving productivity, efficiency, as well as opening up new markets and services''.

''The next decade offers opportunities and challenges which will require new business models and the industry dynamics will also see significant changes leading to a many new industry drivers and enablers, and we will need to prepare ourselves for these. NASSCOM is developing a long term vision for 2020, to chart out the roadmap for all stakeholders and help them tap into this opportunity,'' he added.

As a part of the survey, NASSCOM also released the annual rankings for FY07-08:

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IT software and services exports to touch $50 billion this fiscal