IT sector to grow 4-7 percent this fiscal: Nasscom

February 3rd, 2009 NEW DELHI - The Indian software and services industry is expected to grow 16 percent this fiscal and log revenues of $60 billion despite the global slowdown, a top lobby for the industry said Wednesday. The National Association of Software and Service Companies (Nasscom) said together with the business process outsourcing (BPO) sector, the revenues are expected to top $71.7 billion with a growth of 17 percent.

February 3rd, 2009 NEW DELHI - The Indian software and services industry is expected to grow 16 percent this fiscal and log revenues of $60 billion despite the global slowdown, a top lobby for the industry said Wednesday. The National Association of Software and Service Companies (Nasscom) said in its report that together with the business process outsourcing (BPO) sector, the revenues are expected to top $71.7 billion with a growth of 17 percent.

July 29th, 2009 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.

January 14th, 2009 BANGALORE - The Rs.70 billion (Rs.7,000-crore/$1.43 billion) accounting fraud at Satyam Computer Services has forced the software sector's umbrella body Nasscom to defer its revised forecast on the IT industry's growth this fiscal (2008-09), a top industry representative said Thursday. 'Now that the numbers of Satyam are still in dispute, it will be unfair to come out with a revised forecast,' Nasscom chairman Ganesh Natarajan told IANS here.

May 6th, 2009 BANGALORE - The Indian IT industry is set to witness a single-digit growth in software and services exports in 2009-10 because of global recession and lower technology spending in the US and Europe, a top industry body official said Wednesday. 'Software exports of Indian IT industry are projected to grow in single digit this fiscal due to economic slowdown and lower tech budgets in major markets like the US and Europe.

September 1st, 2009 BANGALORE - Defying the global meltdown, Karnataka earned $17 billion (Rs.74,929 crore) from software exports last fiscal (2008-09) as against Rs.60,800 crore the previous year, registering a 23 percent growth in rupee terms and 21.5 percent in dollar terms. "The export performance of the IT industry in the state, especially Bangalore, demonstrates the knowledge sector remains unaffected by the global meltdown and decline in IT spending overseas," state Information Minister Katta Subbramanya Naidu told reporters here.

October 12th, 2009 BANGALORE - As the global economy recovers fully, the resilient Indian information technology industry can bounce to double-digit growth again, Infosys Technologies chief executive S. Gopalakrishnan has said adding that his own company will expand in Brazil, Mexico and China.

July 8th, 2009 CHENNAI - The Tamil Nadu government will announce a slew of measures to help IT sector attract fresh investments, a senior official here said Wednesday. "The proposals will be announced in the assembly," IT Secretary P.W.C.

February 26th, 2009 BANGALORE - Indian IT industry body Nasscom has reacted cautiously to US President Barack Obama's remarks on outsourcing, saying global outsourcing had benefited US firms that generate over 50 percent of their business overseas. 'American companies generate more than 50 percent of their business outside the US.

June 9th, 2009 BANGALORE - Battered by global meltdown and lower tech spending, the Indian IT industry is looking up to the new government for extension of fiscal benefits and relief from multiplicity and inequity of taxes to mitigate the recessionary impact and protectionist measures being adopted globally. "Extension of fiscal benefits like 10A/10B sections for the tech industry under the Software Technology Parks of India (STPI) scheme is imperative to sustain the growth momentum and compete in the global market," IT sector trade body Nasscom chairman Pramod Bhasin told reporters here Tuesday.

September 3rd, 2009 CHANDIGARH - India is expected to clock double-digit growth in the software and IT enabled services (ITeS) exports next year as the US and other markets are recovering from the meltdown, a top official of the trade association NASSCOM said here Thursday. "We are expecting IT exports to grow in double digits as the software markets of the US and other countries are recovering well.

April 11th, 2009 WASHINGTON - India's information technology industry should start hiring in the US to help in its economic recovery as the US is always going to be its biggest market, the industry association's head has suggested. The restrictions on H1B visas in the US 'absolutely is a concern,' Pramod Bhasin, president and chief executive of outsourcing firm Genpact and the new chairman of the National Association of Software and Services Companies (Nasscom), said in an interview with Forbes Asia.

July 6th, 2009 BANGALORE/HYDERABAD - India's software sector Monday welcomed the extension of tax holiday on export profits to 2010-11 from this fiscal, rationalisation of multiplicity of taxes on packaged software and abolition of fringe benefit tax (FBT) but felt that the increase in minimum alternate tax (MAT) would have adverse impact. According to the National Association of Software and Services Companies (Nasscom), the industry's lobby, the budget had recognised the contribution of the IT-BPO (information technology and business process outsourcing) industry to the country's economic progress and had provided measures to boost it.

December 27th, 2008 BANGALORE - After nearly a decade of uninterrupted boom, the Indian information technology industry finds the road ahead bumpy as 2008 draws to a close, with the global meltdown and financial turmoil in the US and other rich countries catching the otherwise resilient sector off-guard. With no signs of early revival, even the top firms - TCS, Infosys and Wipro - are bracing for hard times in the year ahead.

June 21st, 2009 NEW DELHI - The IT and IT enabled services (IteS) industry in India is expected to grow 10.8 percent to touch Rs.309,573 crore ($64 billion) in 2009, the slowest in the last five years, a report released here said. "The domestic market is estimated to grow at 10.2 percent to touch Rs.109,406 crore, while exports will likely grow at 11.2 percent to cross Rs.200,000 crore, the report by market intelligence firm IDC said.