Indian IT growth story to continue: Nasscom

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New Delhi, 11 April:: The Indian IT and ITeS sector is unlikely to be affected by a slowdown in the US market, IT industry body Nasscom on Friday said.

"Though the slowdown might affect the industry in the short-term, but in the long run the Indian IT and BPO sector will continue to maintain healthy growth rate," Nasscom President Som Mittal told reporters in New Delhi.

India's outsourcing industry is grappling with an appreciating rupee and the sluggishness may remain for another four-to-six months, he said.

The sector expects to meet or even exceed its software export target of 60 billion dollars and overall software and services revenue goal of 73-75 billion dollars by 2010, he said.

However, the sector is keeping its fingers crossed that the international slowdown would turn out to be a blessing. "The financial turmoil in the US and elsewhere could drive businesses to farm out more work to cheaper Indian firms," newly elected Vice-Chairman of Nasscom Pramod Bhasin said.

Bhasin, who is also the President and CEO of Genpact, said the industry has been seeking to diversify its markets to offset its reliance on the US. The US remains the largest outlet for India's software sector, taking 61 per cent of its exports, he added.