NASSCOM estimated IT Companies to grow globally at 16-18 per cent in 2011-12

The National Association of Software and Service Companies (NASSCOM) on 23 August 2011 estimated that IT companies would continue to grow globally at 16-18 per cent in 2011-12 despite the economic crisis in the U.S. and European markets.

Nasscom has been helping Indian IT industry to find newer markets for their products and no to remain over-dependant on the U.S. and the European markets. The U.S. and European nations account for over 85 per cent of the revenues of the over $70 billion Indian IT sector.

Nasscom had in the beginning of 2011 presented a conservative outlook of 16-18 per cent growth in IT exports in 2011-12 in the wake of the slow economic recovery in the U.S. and uncertainty in the European region. Nasscom estimated the growth in software and services export to be 16-18 per cent and the sector is slated to bring in revenues of $68-70 billion. The growth in the domestic market was estimated to be 15-17 per cent, with revenues of about $19-20 billion.