India to return a higher IT industry growth

(MENAFN) The flexible USD270 billon plus Indian IT industry returned to the higher growth trajectory in 2013 and is hoping to gain momentum in the ensuing year for a greater share of the global multi-billion dollar outsourcing market, The Peninsula Qatar reported. The National Association of Software and Services Companies (Nasscom) is expecting the industry to clock export revenues of USD84 billion- USD87 billion this fiscal (FY 2014) as against USD76 billion last fiscal (FY2013). In the Indian market, the industry is, expected to grow marginally annually at 14 percent to sign USD185 billion this fiscal from USD160 billion last fiscal. The Indian IT industry comprises domestic firms, captive centers of multinationals, global industry classification standards (GICs) and industry sectors providing software and hardware services, business process outsourcing (back office operations), engineering and research and development and products. The highlight of the year is the return of the industry's icon and Infosys co-founder N R Narayana Murthy as executive chairman in June to put the global software major back into reckoning after it was found faring behind its peers due to combination of factors.