Wednesday, Mar 30, 2005
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By Aniket Alam
HYDERABAD, MARCH 29. The Indian software industry could well go beyond the $21 billion mark (Rs. 94,500 crores) this financial year if present trends are sustained. It may even get within touching distance of the magical Rs. 100,000 crore mark in annual turnover if the buoyancy in exports is maintained, said Kiran Karnik, President, National Association of Software and Service Companies (Nasscom). Mr. Karnik was speaking to reporters on the sidelines of the CEO conclave hosted by Nasscom here on Monday. "Even though we began the financial year with projections of 30 per cent growth, we believe that software export growth could very well breach the 35 per cent mark," Mr. Karnik said. He pointed out that this creditable growth has come despite the outsourcing backlash concerns, primarily fuelled by the political campaigns for the U.S. presidential elections. The Indian software and services industry registered a turnover of $15.9 billion in 2003-04. This included $3.4 billion of domestic revenues. Given the outsourcing backlash fuelled by the U.S. Presidential elections last year, it was projected that exports in this sector would grow to about $16.3 billion by the end of this financial year. Domestic revenues were expected to be about $4.2 billion. But current figures indicate that the growth has been much higher with IT-enabled services segment, which includes outsourcing call centres, growing rapidly and scaling up the value chain. Mr. Karnik said Hyderabad and Pune have improved their standing in terms of IT business. He added that with infrastructure pressures mounting in the large metros new cities were emerging as IT destinations. He pointed to the growth of Kolkata into the big league while Chandigarh, Jaipur and Visakhapatnam were also becoming part of the IT world.
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