The revenue of IT exports for India is expected to reach US$84 billion to US$87 billion in the upcoming financial year with growth driven by new business models such as smart computing and cloud, says National Association of Software and Services Companies (Nasscom).
In a statement Tuesday, the IT trade association gave its outlook for 2013 to 2014. It expects IT exports to grow at 12 to 14 percent. The domestic IT market will grow at 13 to 15 percent to reach INR 1.18 trillion to INR 1.2 trillion (US$21.8 billion to US$22.2 billion), it added.
Nasscom said some of the key growth drivers in the industry were smart computing, "anything"-as-a-service, technology enablement in emerging verticals and the small and midsize business (SMB) market.
Som Mittal, president of Nasscom, said: "Technology can also play a critical role in enabling transformation in India and add to India’s GDP. The domestic market in India is maturing, it was the fastest growing market in the year and Nasscom will look to partner with the government in enhancing technology adoption in the country."
Reviewing the results for India's IT-BPM (IT business process management) for the current financial year which includes the domestic sector, Nasscom downgraded its estimates and said the industry was expected to have grown 10.2 percent to reach US$75.8 billion. This is lower than the previous projection of 11 percent made last November.
Nasscomm was in the news earlier this month when thirty of its members decided to splinter away to form a new association named the Indian Software Product Industry Round Table (iSpirt) to focus on the domestic software sector.