NASSCOM, the premier trade body and ‘voice’ of the IT – BPO industry in India, today announced the key findings of their annual strategic review. The findings indicate software and services exports are expected to cross $40bn and the domestic market is expected to touch $23bn in FY08. Positive market indicators and a strong track record strongly support the optimism of the industry in achieving its aspired target of $60bn in software and services exports and $73-75bnn in overall software and services revenues, by FY2010.

Commenting on the key findings, Mr. 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.”

Mr. 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.”