India marching towards top....India's software revenues seen crossing $40 Bn

India's software revenues from exports are seen crossing $40 billion in FY08, says National Association of Software and Service Companies (NASSCOM).

In FY08, the total software and services revenues, including domestic market, is seen rising more than 33 percent to reach $64 billion.

Earlier, it had estimated software services revenues to rise 24 percent to 27 percent to $49 billion to $50 billion in the year to March 2008. While NASSCOM announcing the key findings of the Strategic Review 2008, it expressed that positive market indicators and a strong track record strongly support the optimism of the industry in achieving its aspired target of $60 billion in software and services exports and $73-75 billion in overall software and services revenues, by FY2010.

The Strategic Review 2008 will be formally released at the NASSCOM's upcoming conference - India Leadership Forum, scheduled from February 13-15th 2008 in Mumbai.

Commenting on the key findings of the Strategic Review 2007, Lakshmi Narayanan, Chairman NASSCOM and Vice-Chairman, Cognizant, said "The robust growth of the Indian IT-BPO industry by over 33 per cent in the current fiscal year reinforces the confidence of global corporations in India. As we move towards 2010, trends indicate that the industry is firmly poised for broad-based growth across industries and service lines, thereby strengthening India's leadership position as the primary sourcing location for software, IT infrastructure and business process- related services."

Som Mittal, President, NASSCOM said, "The Indian IT industry has been rapidly evolving; growth is on track to achieve, if not exceed the targets for 2010. The trends are interesting and findings indicate that the domestic market is poised for growth with IT spends trending upwards, particularly by the Government. We also see an increasing level of specialisation within the industry both in IT services and BPO, exhibiting signs of a rapidly maturing industry. However, there are global macro economic challenges; talent, manpower and infrastructure issues will need to be addressed and resolved, collectively. The industry has shown resilience and has taken several steps to mitigate the impact."