Indian IT cos for 50% growth in intl services export

Written by Agencies | New Delhi, February 29: | Updated: Feb 29 2008, 22:27pm hrs
India will strengthen its position in the global services export sector as the country's IT companies are expected to maintain an average annual growth of 50 per cent in the next two years, a latest survey said.

The companies showed an average annual growth of around 56 per cent for the period FY05-07 and are expected to achieve

an average annual growth of 50 per cent in the next two years, a study 'India's Top IT Companies 2008' by Dun & Bradstreet, a business information provider, said.

"Exports continue to contribute in a major way to the revenues of the Indian IT industry, accounting for around 66 per cent of the total revenue of USD 47.8 billion in FY07.

Services exports from India reached USD 81.3 billion in FY07, out of which IT & ITeS-BPO contributed over 38.5 per cent," D&B India COO Kaushal Sampat said.

He, however, added that "the industry needs to focus on nurturing talent, in order to maintain this growth momentum.

Shortage of skilled manpower and high attrition rate emerged as bigger concerns compared to the appreciating rupee and rising salaries".

"Around 43 per cent of the companies feel that the attrition rate will range between 16-20 per cent in the coming year," the study titled 'India's Top IT Companies 2008' said.

According to the study, Tata Consultancy Services (TCS), Wipro and Infosys Technologies have emerged as the top three firms with a total income of Rs 15,156.52 crore, Rs 13,579 crore and 13,524 crore respectively.

While HCL Infosystems and Siemens Information System with a total income of Rs 11,818.25 and Rs 10,434 crore held the fourth and fifth position in the list of top IT companies.