Eurozone debt crisis is short term: Nasscom

NEW DELHI, INDIA: Terming the Eurozone debt crisis as a "short term" phenomenon, IT industry body Nasscom said on Wednesday said that the European bloc will continue to be one of the largest markets for the Indian IT-BPO industry.

"We are confident that the European bloc, as a whole, will continue to be one of the largest markets for the Indian IT-BPO industry," a PTI report quoted Nasscom president Som Mittal as saying after releasing a report on opportunities for the Indian IT-BPO industry in Germanic countries.

Mittal said that the Germanic countries are facing acute talent shortages in the knowledge based sectors like IT and engineering services.

The report, 'Opportunities for Indian IT-BPO industry in Germanic countries', prepared in partnership with consulting firm PricewaterhouseCoopers, said that Indian companies currently earn less than $2.6 billion from the Germanic region across the IT, BPO and engineering services space as against the addressable market size of more than $53 billion.

The report focuses on identifying partnership opportunities for both India and Germanic countries in the area of IT services, BPO and engineering services. It said the business from this region, which is the largest market in Europe, has the potential to grow to $10 billion by 2020.