NASSCOM has announced the key findings of the Strategic Review 2008. Findings indicate software and services exports are expected to cross $40 billion and the domestic market is expected to touch $23 billion in FY08. Positive market indicators and a strong track record strongly support the optimism of the industry in achieving its aspired target of $60 billion in software and services exports and $73-75 billion in overall software and services revenues, by FY2010.

The Strategic Review 2008 will be formally released at the NASSCOM’s upcoming conference - India Leadership Forum, scheduled from February 13-15th 2008 in Mumbai.

Commenting on the key findings of the Strategic Review 2007, Lakshmi Narayanan, chairman NASSCOM and Vice-Chairman, Cognizant, said “The robust growth of the Indian IT-BPO industry by over 33% in the current fiscal year reinforces the confidence of global corporations in India.”

Som Mittal, president, NASSCOM said, “The Indian IT industry has been rapidly evolving; growth is on track to achieve, if not exceed the targets for 2010. The trends are interesting and findings indicate that the domestic market is poised for growth with IT spends trending upwards, particularly by the Government. We also see an increasing level of specialisation within the industry both in IT services and BPO, exhibiting signs of a rapidly maturing industry. However, there are global macro economic challenges; talent, manpower and infrastructure issues will need to be addressed and resolved, collectively. The industry has shown resilience and has taken several steps to mitigate the impact.”

In addition to the direct positive impacts on national income growth, foreign exchange reserve accumulation and employment generation, the sector has also spawned several ancillary industries, triggered a rise in direct-tax collections and propelled an increase in consumer spending, attributed to the significantly higher disposable incomes. It is estimated that every rupee earned in the Indian IT-BPO sector induces nearly another rupee of economic spending in the rest of the economy and every job created in the sector induces the creation of 4 more jobs in the economy.