In its mid-year review, the software association Nasscom has revised its forecast for software and services exports (IT & ITeS) for the current fiscal year of 2012-13 to 11 per cent, from the 11-14 per cent range indicated at the beginning of the year.
While this is, strictly speaking, not a downward revision, the implication is clear: any hope at the start of the financial year that things may get better further down the line has been belied.
At the lower end of the projected figure, $75 billion, exports will grow at nine per cent over last year's $68.7 billion. In 2011-12, exports grew by 16.4 per cent.
The compounded annual growth rate over the five-year period, from $31.3 billion in 2006-07 to $68.7 billion in 2011-12, works out to 17 per cent.
While this is, strictly speaking, not a downward revision, the implication is clear: any hope at the start of the financial year that things may get better further down the line has been belied.
At the lower end of the projected figure, $75 billion, exports will grow at nine per cent over last year's $68.7 billion. In 2011-12, exports grew by 16.4 per cent.
The compounded annual growth rate over the five-year period, from $31.3 billion in 2006-07 to $68.7 billion in 2011-12, works out to 17 per cent.
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