India’s IT, outsourcing revenues seen at $63 bn this fiscal

NEW DELHI - India’s information technology and outsourcing industry is expected to grow over 7 percent this fiscal to log revenues of $64 billion with much faster expansion within the domestic market, a leading industry group said Wednesday.

The National Association of Software and Service Companies (Nasscom) has forecast in its latest study that the software and outsourcing industry will log an export growth of 4-7 percent this fiscal to log $48-50 billion in revenues.

Domestic revenues for the industry will, however, grow much faster at 15-18 percent to touch $13 billion, the industry lobby said in its annual survey on the sector.

In the previous fiscal, export revenues recorded a growth of 16.3 percent and clocked revenues of $46.3 billion, up from $40.4 billion, while the domestic segment grew 21 percent to $11.4 billion from $9.4 billion.

“While growth was synonymous with industry performance in the past decade, resilience and efficiency was the thrust in the year 2008-09,” said Nasscom chairman Pramod Bhasin.

“In the face of a severe economic downturn in key markets, the industry was able to deliver a high growth of over 16 percent and retain its position as a strategic global sourcing destination,” he said.

The study said Tata Consultancy was the country’s top exporter of information technology services in 2008-09, followed by Infosys Technologies, Wipro HCL Technologies and Tech Mahindra.

Among exporters of business process outsourcing services, however, the top slot was taken by Genpact India, followed by WNS Global Services, IBM-Daksh Business Process Services, Wipro and Tata Consultancy Services.

A significant highlight of the year was the industry thrust to re-engineer itself to partner with its clients in testing times, said Som Mittal president of Nasscom, while releasing the report.