Industry growth on track-Nasscom

By agencies   |   Wednesday, 27 April 2005, 07:00 Hrs
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NEW DELHI:IT body Nasscom today said despite negative results by some IT majors, IndiaÂ’s IT and ITeS industry would grow at 30-32 percent for 2004-05.

“We are sticking to our target of 30-32 percent growth. The results will not have any impact on this. We do not go by market expectations; we go by demand and supply factors,” Nasscom President Kiran Karnik said.

He added that the software body would release its projection for 2005-06 in the next two weeks.

For the quarter ended March 2005, TCS reported lackluster results while Infosys reported lower than expected earnings due to sluggish volume growth and client issues. “Infosys’s guidance is for the current fiscal while TCS had not issued any forecast for the reporting quarter, so, the results will not impact our industry projections for 2004-05,” he said.

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