Software, services export to double by 2009: Assocham

By agencies   |   Monday, 11 July 2005, 19:30 IST
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NEW DELHI: According to a study on `India's cutting edge in services' conducted by the Associated Chambers of Commerce and Industry of India (Assocham), India is well poised to capture six percent share of the global market in IT services and software by 2008-09 as against its present share of three percent. The study also revealed that, India will occupy a leading position in providing services to developed economies such as EU and others by 2020 as by then it is estimated that the country will have a surplus of 47 million professionals in IT and services who can be gainfully used by recipient countries. The President of Assocham, Mahendra K. Sanghi, stated that with the increase in the offshore penetration and present annual growth rate of 30 percent in the IT and IT-enabled services exports, total exports will exceed $50 billion by 2008-09. The Assocham is of the view that in the next few years, the annual growth rate of IT and services will be over 45 percent. The software and services exports reached $17.2 billion for 2004-05 and the annual growth rate is well over 30 percent, said Sanghi.