India's software, services exports forecast at £20bn

India's business providing software and services to companies outside its borders will grow a healthy 26% to 29% this year, the country's main trade association for that sector said.

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India's business providing software and services to companies outside its borders will grow a healthy 26% to 29% this year, the country's main trade association for that sector said.

Revenue from exports of software, services and business process outsourcing (BPO) will reach about $40bn (£19.8bn) for the fiscal year that ends next March 31, according to data released by the National Association of Software and Services Company (NASSCOM).

Export revenue from these sectors grew by 33% to $31.3bn (£15.5bn), according to data released by the trade body.

The strong growth in software and services exports is coming from an improvement in India's competitiveness, and the addition of new services, such as remote infrastructure management, by Indian service providers, Kiran Karnik, president of NASSCOM told reporters in Bangalore.

The revenue figure also includes exports to their parent companies and clients by Indian subsidiaries of multinational companies such as IBM, Oracle, and Accenture, which are expanding fast in India.

India's overall IT industry grew by 30.7% in the year to March 31 to earn revenue of $39.6bn (£19.7bn), with the domestic market also growing by 22% to $8.2bn (£4.02bn), NASSCOM said. Many multinational companies including Hewlett-Packard and IBM have bagged outsourcing contracts from Indian companies.

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