Software services exports to grow 10% in FY13
Kolkata: Software services exports are expected to grow by just 10 percent to around USD 75 billion during the current fiscal as demand from the US, India's largest market, slows, according to the Electronics and Computer Software Export Promotion Council.
"In 2012-13, we expect a growth of 10 percent in software services exports," ESC executive director D K Sareen said on the sidelines of a two-day international IT exhibition, India Soft 2013.
During 2011-12, India's software and services exports grew by 18 percent to USD 68.02 billion with the US as the top destination, accounting for nearly USD 39.4 billion or 58 percent of the total exports.
Software exports were hit hard through 2011 as clients delayed decisions mainly due to the global economic problems.
The share of the Middle East, which accounted for three percent of the total exports basket at USD 2.07 billion in 2011-12, was seen rising by 1.50-2.00 percentage points in the current financial year ending March, Sareen said.
The council expected India to double exports of software services in Latin American region to USD 1 billion in the next two years, mainly due to incremental demand coming from Brazil, hosting two global sporting events, Football World Cup 2014 and Summer Olympics 2016, Sareen said.
In 2011-12, India's software services export in Latin America stood at USD 563 million.
ESC chairman S Radhakrishnan said promotional activities of the council would help in boosting the software services basket in non-traditional markets.
He said ESC had sponsored 30 delegates each from Latin America, Africa, CIS and ASEAN countries for India Soft where Indian companies, mainly SMEs could showcase their products and services.