By Devidutta Tripathy
NEW DELHI (Reuters) - India's software and services exports in the year to March 2011 will be less than earlier expected as the sector's growth has not been cranked-up enough by the recovering global economy, an industry body said on Thursday.
The National Association of Software and Service Companies (Nasscom) projected export revenue to grow 13-15 percent to $56-$57 billion, below the previous outlook for $60-$62 billion.
"It's been impacted obviously by the impact of recession everybody is going through," Nasscom Chairman Pramod Bhasin told reporters. "The economic environment will take another two to three quarters to stabilise."
The growth rate in the current year to March would be 5.5 percent to $49.7 billion, within the 4-7 percent expansion projected earlier, Nasscom said.
"Spending is coming back, decisions are being made," Bhasin said, adding Asia was leading the recovery, followed by the United States but Europe was lagging.
India's software exports, led by outsourcers like Infosys Technologies, Tata Consultancy Services and Wipro, saw a slowdown in growth to 16 percent in 2008/09 from the 20 percent expansion of previous years, as the United States -- the biggest market -- struggled.
Business has improved as the world economy gets back to shape and signs of a revival in outsourcing demand have been confirmed by market-beating quarterly results from top software firms.
(Editing by Ranjit Gangadharan)
(For more news on Reuters Money visit www.reutersmoney.in)
© Thomson Reuters 2010 All rights reserved |
