5.5 per cent software, service export growth in 2009-10 expected: minister

The Indian software and services export sector is estimated to grow at 5.5 per cent and generate export revenue of $49.7 billion in 2009-10 as compared to the compounded annual growth rate of over 29 per cent of the last five years (Financial Year 2004-05 to Financial Year 2008-09), said minister of state for communications and information Technology, Sachin Pilot.

In a reply to a question in Rajya Sabha today, Pilot said that IT software and services exports from the country in the last five years was.

The main reason for dip in the growth rate is due to deep recession in North America, UK and European markets that account for more than 85 per cent of Indian software and services exports.

However, with signs of global economic recovery, healthier growth rates are expected in 2010-11 and 2011-12, the minister added.

(in US $ in billion)