Infotech stays on high growth path

The software and services export industry is well on its way to reach its $60 billion revenue target by 2010.

The software and services export industry is well on its way to reach its $60 billion revenue target by 2010. The business grew 33 per cent in 2005-06 compared to the previous year, industry association Nasscom said on Thursday, though it projected a slower growth rate at 25 to 28 per cent for 2006-07 today.

The software and service export industry is now $23.6 billion in revenues, but taking all of the IT Enabled Services (ITES) business into account, industry revenues climbed up 31 per cent compared to the last year to $29.6 billion in FY’06, Nasscom found in a survey.

The IT and ITES export industry is likely to grow at a higher 27-30 per cent pace in 2006-07, to reach $29 billion to $31 billion this fiscal, it said. The business now employs 1.29 million people, up from around 1 million in 2004-05. Employment is predicted to grow by 2.5 to three lakh this year.

Over 2000-2006, boom years for the Indian software industry, overall revenues grew by nearly 35 per cent. ‘‘As global IT spending veers around the 5-6 per cent range and BPO spending by 10-11 per cent, Indian companies will see greater opportunities to grow,’’ Nasscom president Kiran Karnik said.

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