India's software services and BPO exports, which grew at a blistering rate of 30-32 per cent for many years of the decade, halved to a growth rate of 16.3 per cent in 2008-09 and are likely to plummet further to 4-7 per cent in 2009-10 due to the economic slowdown.
Software exports revenue is projected to grow at a mere 4-7 per cent to reach $48-50 billion in 2009-10, industry association Nasscom said today. Earlier in February, Nasscom had reduced the growth target for IT exports to 16 per cent from its forecast of 22-24 per cent made in mid-2008 for the year 2008-09.
A decline in technology spending by global majors, pricing pressures, delay in demand pick up and an overall bleak economic outlook have led to the severe decline in the growth of the sector.
India's largest software exporters TCS and Infosys have predicted tough business environment this year. Domestic IT-BPO revenues grew by 21 per cent to touch Rs 12.5 billion in FY'09, taking the total industry revenue (domestic and exports) to $58.8 billion in 2008-09.
The domestic revenues are expected to grow by 15-18 per cent in 2009-10. According to Nasscom findings, the sector reached $58.8 billion in 2008-09, up from $52 billion in 2007-08.
Thursday, July 30, 2009
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