Vivek Seal, New Delhi
DNA The Asian Age Deccan Chronicle
In July, Nasscom scaled down its growth projections for FY09 to 21-24% from 23-24% in June due to a slowdown in the global economy and its impact on the IT and BPO sector. It now expects the industry to grow by 21% this fiscal to generate target export revenues of $50 billion. “It is surely going to be at a lower range…we are not going to revise it upwards in the current scenario,” Som Mittal, president, Nasscom, said.
Mittal added that the trade body would evaluate the current slowdown, which was not taken into consideration in the earlier estimates, and announce the revised outlook in December. Last fiscal, the software and services exports segment grew by 29% to register revenues of $40.4 billion, up from $31.4 billion the fiscal before that.
Meanwhile, Nasscom expects many Indian vendors to take Japan seriously to derisk business and reduce dependence on European and US clients. The body expects Japanese firms to contribute 5% to the country’s IT revenues in 5-7 years from 2% now. By the end of the year, Nasscom will open a Japan desk for local presence in that market.
Mittal, however, called Japan a long-term game and warned IT vendors against expecting results from that market immediately. “Japan is not a solution for the immediate (financial) situation…it will take at least 3-4 years for things to materialise there,” he added.
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