India's software and services exports are on track and are expected to $40 billion mark in the financial year 2008, according to a study by the IT industry's apex body Nasscom.
Unveiling the 'Strategic Review 2008', Nasscom chairman Lakshmi Narayanan said that the industry was contributing nearly 64 per cent to the overall revenue aggregate, while the domestic market was expected to touch $23 billion in 2008.
"The robust growth of the Indian IT-BPO industry by over 33 per cent in the current fiscal reinforces the confidence of global corporations in India. As we move towards 2010, trends indicate the industry is firmly poised for broad-based growth across sectors and service lines, thereby strengthening India's leadership position as the primary sourcing location for software, IT infrastructure and business process-related services."
The study also stated that the industry was optimistic of achieving its aspired target of $60 billion by 2010 in software and services exports and $73-75 billion in overall software and services revenues by 2010.
The total IT industry stood at $48 billion for the financial year 2007, while the total software and services revenues was $31.3 billion and IT/ITeS revenue was $9.5 billion during the reporting period.
IT services (excluding BPO, product development and engineering services), contributed 57 per cent of the total software and services exports and is expected to cross $23 billion.
The Indian IT-BPO aggregate is expected to grow at over 33 per cent and reach $64 billion by the end of financial year 2008. The direct employment in the sector is expected to reach nearly 2 million, an increase of about 3.75 lakh professionals over FY07.
Som Mittal, President, Nasscom said, "The Indian IT industry has been rapidly evolving; growth is on track to achieve, if not exceed the targets for 2010. The trends are interesting and findings indicate that the domestic market is poised for growth with IT spends trending upwards, particularly by the Government. We also see an increasing level of specialisation within the industry both in IT services and BPO, exhibiting signs of a rapidly maturing industry. However, there are global macro economic challenges; talent, manpower and infrastructure issues will need to be addressed and resolved, collectively. The industry has shown resilience and has taken several steps to mitigate the impact."
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