India’s National Association of Software and Services Companies is concerned about the economic situation in Europe, but hasn’t yet seen companies curtail their already limited discretionary spending, the president of the software industry body said Wednesday.
“We don’t know where it (the Europe crisis) is heading…we are waiting and watching,” Som Mittal told reporters on the sidelines of an industry conference. “It might have an impact if the Europe crisis spirals.”
Europe accounts for about 30% of the Indian software industry’s revenue, with the U.K. contributing 18% and the rest of continental Europe 12%, Mittal said.
Countries such as Greece, Hungary, Portugal and Spain contribute a very small percentage to the country’s software exports revenue, he added.
Mittal expects export revenue for the country’s business process outsourcing industry in the current fiscal year through March 2011 to grow 15%-16% higher than the $12.4 billion in revenue the industry clocked in the last fiscal year.
Source:http://www.nasdaq.com/aspx/stock-market-news-story.aspx?storyid=201006090157dowjonesdjonline000254&title=india-software-body-executiveconcerned-over-europe-crisis
