India IT exports picking up steam

Feb 12, 2013

Exports by India's flagship IT outsourcing industry are set to grow by 12 to 14 percent in the next financial year, an industry group said on Tuesday, suggesting signs of recovery.

Higher global spending on information technology and opportunities stemming from the adoption of new technologies are likely to propel the growth, Nasscom President Som Mittal told reporters.

"India is likely to export software and services worth $84 billion to $87 billion" in the fiscal year that starts in April, the National Association of Software and Services Companies, or Nasscom, said in a statement.

India's top TCS, and all reported better-than-expected last month, despite tough global business conditions.

"The Indian IT-BPM () industry has demonstrated resilience and agility in the past year," said Nasscom chairman and TCS chief executive N. Chandrasekaran.

India's IT exports are likely to have grown by 10.2 percent in the current fiscal year to March, down from a previous estimate of 11 percent in November, after global firms from western nations slowed IT spending.

The growth, while still strong, is a far cry from earlier years when the sector's exports were expanding by up to 30 percent annually.

The data comes a day ahead of the start of a three-day industry conference, which is set to outline future growth areas and challenges ahead for the sector.

India's outsourcing industry performs a wide range of tasks for Western firms—from answering calls from bank customers and processing to software development.

India, with its English-speaking workforce, accounts for at least 50 percent of the global outsourcing market.

North American and European clients contribute nearly 80 percent of the IT sector's revenues, which include large firms like BP, Procter & Gamble, Citibank, Deutsche Bank and Volkswagen.

Explore further: Line says no IPO this year

add to favorites email to friend print save as pdf

Related Stories

Nasscom: India's IT industry to grow 11% in fiscal year

Nov 12, 2012

Sales by India's flagship outsourcing industry are likely to grow by 11 percent this fiscal year to at least $75 billion in the face of a challenging business environment, an industry lobby group said Monday.

Indian outsourcers 'employ 100,000 in US'

Mar 23, 2012

India's IT outsourcing sector has nearly doubled the number of jobs it has created in the US in the last five years and now employs more than 100,000 people, an industry group said on Friday.

India outsourcers see export growth slowing

Feb 08, 2012

India's flagship information technology and business services sector forecast on Wednesday that export growth would slow in the next financial year amid global "economic uncertainties."

India's TCS says profit jumps 44%, beats estimates

Oct 19, 2012

India's biggest software exporter TCS said Friday its quarterly net profit jumped 44 percent, beating estimates, as outsourcing orders rose despite economic troubles in the firm's major markets.

India outsourcers predict 18% growth

Aug 23, 2011

India's flagship outsourcing sector is still expected to post 16 to 18 percent export revenue growth, despite fears of a fresh slump in its key US and European markets, an industry body said.

Recommended for you

Line says no IPO this year

2 hours ago

The Japan-based operator of popular mobile messaging app Line said Monday it has decided not to go ahead with an initial public offering in Japan or overseas this year.

Alibaba makes Wall Street debut

Sep 19, 2014

Alibaba made its long-awaited Wall Street debut Friday on the heels of a record stock offering that opens the door to global expansion for the Chinese online retail giant.

Alibaba IPO to boost employee fortunes to $8 bn

Sep 19, 2014

Employees of Chinese e-commerce giant Alibaba will see their fortunes swell to nearly $8 billion as the company prepares a massive US stock offering that could be valued at $25 billion.

User comments : 0