August 23, 2011

16-18% anticipated growth for India's IT Industry in FY12 – Nasscom Confident

The National Association of Software and Services Companies (Nasscom) said it remains confident about its projection for 16-18% growth of the Indian IT industry in the fiscal year 2011-12 even after the economic uncertainty in US and also in European markets.

"There is no reason for us to be worried... We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market," Nasscom President Som Mittal said on the sidelines of the Nasscom BPO Strategy Summit 2011.

Fears of a financial crisis gripping major markets like the US and many European nations has raised concerns of clients cutting their IT budgets, which would impact Indian firms in a major way.

Recently, the ratings agency Standard & Poor's (S&P) had lowered the US credit rating. Over 85 per cent of the $70 billion Indian IT sector revenues come from the US and the European region. 

February, Nasscom had projected a moderate 16-18 per cent growth in IT exports in 2011-12 due to slow economic recovery in the US and uncertainty in the European region. The growth in the domestic market is estimated to be 15-17%, with revenues of about USD 19-20 billion.

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