Friday, July 31, 2009

Effect of Global Economic Recession on IT Industry

The Indian IT and ITES/ BPO sector has witnessed some slow down in comparison to its historical rate of growth. It is estimated that the growth rate of the IT and ITES sector during 2008-09 would be 16.3 % as compared to around 30% in the last few years. The total export revenue of this sector is estimated at US$ 47 billion in 2008-09, as compared to US$ 40.4 billion in 2007-08. 

As per the National Association of Software and Services Companies (NASSCOM), the IT and IT Enabled Services/ BPO Sector remains a net hirer. During the Financial Year 2008-09, the direct employment in this sector is estimated to reach nearly 2.23 millions from 2.0 millions in the previous year. 

This was stated by the Minister of State for Ministry of Communications and Information Technology, Shri Sachin Pilot in Rajya Sabha today.

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