BANGALORE, India — Software and service exports in India grossed $12 billion in 2004-05, 34 percent higher than $9.2 billion in 2003-04, according to figures released by the National Association of Software and Service Companies (Nasscom).
With a large labor pool and favorable labor costs, India continues to be the world's leading exporter of software services. Similar growth is predicted for the 2005-06 fiscal year.
"The Indian software and services industry has been able to maintain its growth momentum and consolidate its partnership with overseas customers, adding to their competitiveness," said S. Ramadorai, Nasscom's chairman. "The industry also scaled record levels of employment in FY 04-05, with the employee base crossing the 1 million mark."
Ramadorai added, "The industry is in a strong position to leverage the global software opportunity and establish India as the premier IT destination in the world. To sustain our competitive advantage, the industry must engage closely with academia to create the right talent pool, collaborate with the hardware industry in microelectronics and embedded software, maximize employment opportunities and elevate service excellence through R&D and quality-benchmarked delivery," he added.
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