Indian software services exports register 26.3% growth

By siliconindia   |   Tuesday, 03 June 2003, 19:30 IST
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The Indian IT industry has achieved 26.3% exports growth clocking revenues of 46,100 crores ($ 9.5 billion). IT Services, Products and Technology services have grown by 18.3% to reach 34,800 crores ($7.2 billion) while the ITES-BPO segment registered a growth of 59% to reach 11, 300 crores (US $2.3 billion).

NEW DELHI: NASSCOM, the apex industry association of IT Software and Service companies in India, today announced the findings of its annual survey on the performance of the Indian software and services exports industry and future outlook for next year. According to NASSCOM, Indian software and services exports is projected to achieve 26-28% growth clocking a revenue of over $12 billion in 2003-04. IT Services, Products & Technology Services are projected to grow by 17% to reach revenues of over $ 8.4 billion and the ITES-BPO segment is projected to register a growth of 54% to clock revenues of $ 3.6 billion during the next year. Som Mittal, Chairman, NASSCOM, said, “Despite the challenges such as the continued technology slowdown in the global market and appreciation of the rupee, the industry has been able to maintain its growth momentum. An encouraging trend is the industry’s growth, year on year, in absolute terms, which has gone up from $ 1.4 billion in FY 2001-02 to $ 1.9 billion in FY 2002-03.” “We have seen that this year too, the ITES-BPO sector has continued its momentum, growing more than twice the industry average and capturing a quarter of India’s total IT software and services exports. With the fundamentals and the value proposition of India as the IT destination being robust, we are optimistic of maintaining the growth trajectory”, Mittal added. Speaking on the occasion Kiran Karnik, President, NASSCOM, said, “The Indian software and services industry is one of the very few sectors worldwide to have witnessed double digit growth and also increase its share of total Indian exports from 4.9% in 1997 to 20.4% in 2002-03. While, worldwide IT Services growth has been 4% in 2003, the Indian IT Services sector has witnessed 17% growth.”