IT Industry Will Grow in Double Digits in FY12: Nasscom
Wednesday, 16 November 2011, 16:30 IST
Printer Print Email Email
NEW DELHI: IT industry body Nasscom maintained its projection of 16-18 percent growth for the sector this fiscal notwithstanding the economic uncertainty in the U.S. and European markets. "There is no reason for us to be worried, I am confident that Indian IT sector will grow in double digit and we stand by our projection for FY'12. "We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market," Nasscom President Som Mittal told reporters here on the sidelines of a Ficci event. He, however, added that the industry maintains a cautious outlook. Earlier, Nasscom had projected 16-18 percent growth of the Indian IT industry in FY'12 despite the economic uncertainty in the US and European markets. A persisting eurozone debt crisis and fears of its contagion impact on other western markets have raised concerns of clients cutting their IT budgets, which would impact Indian software exporters in a major way. The U.S. and European region account for over 85 percent of the revenues of the over $70 billion Indian IT sector. Nasscom had in February presented a conservative outlook of 16-18 percent growth in IT exports in 2011-12 in the wake of the slow economic recovery in the U.S. and uncertainty in the European region. The growth in software and services export is expected to be 16-18 percent and the sector is slated to bring in revenues of $68-70 billion. The growth in the domestic market is estimated to be 15-17 percent, with revenues of about $19-20 billion.
Source: PTI