India outsourcing sees up to 18% revenue growth

NEW DELHI — India’s top outsourcing trade body said Tuesday it still expected 16-18 percent growth in export revenues this year, despite concern about a downturn in the sector’s key overseas markets.

By (AFP)

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Published: Tue 23 Aug 2011, 7:48 PM

Last updated: Tue 7 Apr 2015, 3:47 AM

The National Association of Software and Services Companies, or Nasscom, earlier this year forecast that India’s flagship sector would notch export revenues of $68-$70 billion in the financial year that began April 1.

“Our conversations with companies make us believe that 16 to 18 percent (year-on-year) revenue growth is still achievable,” Nasscom president Som Mittal told AFP on the sidelines of an outsourcing event.

Indian software companies’ breakneck growth has been an important driver of the country’s economic modernisation.

US and other foreign firms, drawn by India’s vast, educated English-speaking workforce and low labour costs, have made a beeline for the country, farming out everything from answering banks’ client calls to processing insurance claims and equity analysis.

The sector accounts for five percent of India’s gross domestic product and employs some 2.3 million workers.

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