The National Association
of Software and Services Companies (NASSCOM) estimated the annual turnover
of the Indian software industry to have crossed Rs 15,890 crore during
1998-99.
"The country witnessed
the highest ever growth in software exports during the year, with total
exports growing to Rs 10,940 crore," said Dewang Mehta, President
NASSCOM.
Dewang said that with
this growth rate and continued support from government software exports
during the current financial year would grow at more than 50 percent and
can be to the tune of Rs 16,700 crore.
According to the NASSCOM
survey the industry recorded an overall growth of 58 percent during 1998-99,
up from Rs 10,040 crore turnover in 1997-98.
As per the survey
India exported software to 86 countries. Around 60 percent of exports
was made to the US and Canada, and 23 percent to European countries. Tata
Consulting Services, Wipro, Pentafour, Infosys, NIIT, Satyam and HCL Technologies
were the top exporters.
The solutions for
Y2K revenues generated business worth $ 560 million and accounted for
20 percent of exports.
There has been a global
slowdown in spending for Y2K software solutions. This will not adversely
affect the industry's export as many companies have started focusing on
new emerging areas like e-commerce and euro.