NEW DELHI (AFP) -India’s software and services exports will top 31 billion dollars this year and are on track to double that figure by 2010, the industry’s top body has forecast.
Software and services exports were expected to show growth of 32.6 percent to more than 31 billion dollars in the financial year to March 2007, said the National Association of Software and Services Companies, or Nasscom.
“The software industry is well on course to achieve 60 billion dollars in exports by 2010,” Nasscom said in a report Tuesday.
The Indian information technology industry has grown its revenues ten-fold in the past decade from 4.8 billion dollars 1997-98 to 47.8 billion in 2006-07, Nasscom added.
Its contribution to India’s gross domestic product has been estimated to have grown from 1.2 percent to 5.4 percent in the same period, it said.
“The last decade is testament to the growing impact that the Indian IT industry is having on the global and local economies,” said Nasscom Chairman B. Ramalinga Raju.
“The industry is perfectly poised to tap new opportunities in the offshoring and domestic segments for greater wealth and IP creation for the country,” he said.
India has become the world’s back-office as Western firms and set up call centres, number-crunching and software development outlets.
Companies routinely cut costs by shifting their work to India to tap its pool of English-speaking, computer savvy graduates at lower salaries than counterparts abroad.