Posted in BPO reports
Speaking on the industry’s performance, Mr. Lakshmi Narayanan, Chairman, NASSCOM and Vice Chairman, Cognizant Technology Solutions, said, “The Indian software and services industry continued its outstanding performance in FY 07. Marked by double digit growth, FY 07 witnessed India’s enhanced role in global trade with continued momentum in new contracts and renewals, increased traction in a broader range of services, expansion of geographic footprint, increased mergers and acquisition, both domestic and cross-border, and heightened interest among private equity investors to drive newer growth opportunities. The industry continued to be amongst the largest employers, directly employing more than 1.6 million and indirectly creating employment opportunities for an additional 6 million people in related industries. The industry also significantly impacted socio-economic development by contributing 5.2% to the national GDP”
Talking about the prospects of software and services industry in the current fiscal, Mr. Kiran Karnik, President, NASSCOM, said, “The software and services industry continues to exceed forecasts year after year and we are confident that the forecast (exports + domestic market) of USD 50 billion in FY07-08 will be achieved, as will the target of USD 60 billion exports by FY09-10. From a market opportunity perspective, the indicators continue to be positive with a potential addressable market of over USD 300 billion, driven by growth of existing business and new services line opportunities. While India continues to be the most preferred destination for global IT sourcing due to its talent pool, top-quality management and security and quality focus, there are certain short to medium term challenges that need to be addressed swiftly. These include rupee appreciation, suitability of available talent, infrastructure development and sustenance of a positive policy/regulatory environment. These require timely, consistent and continued effort from all stakeholders including industry, government, academia and NASSCOM”.
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