MUMBAI, NOV 2: While India's total exports recorded only a 7.39 per cent growth in the first six months of 1999-2000, earnings from software exports have shown a 58 per cent rise at Rs 8,060 crore ($ 1.87 billion) during the first half of the current fiscal as compared to Rs 5,090 crore last year.According to a survey by the National Association of Software and Services Companies (Nasscom), total software exports from the country during the current financial year is expected to cross Rs 17,000 crore ($ 3.9 billion). "It is evident that Y2K revenues are more than compensated by new segments of e-commerce, IT enabled services, interactive architecture and therefore no slowdown is expected in Indian software exports," Nasscom president Dewang Mehta said.The major export revenue in the first half of 1999-2000 has come from applications solutions in sectors like banking, manufacturing, process industry, infrastructure, government and apparel industry, Mehta said. The software export is poised to contribute 23 per cent of the total export revenue of the country by 2002 against the current figure of 10.5 per cent. ``Software exports of Rs 8,060 crore during April-September is almost 10.5 per cent of India's total exports of $ 17.4 billion during the period. In the last fiscal the contribution was at 8.5 per cent," he said.He said though the country's export performance in the third quarter was likely to be affected marginally due to year 2000 (Y2K) problem, the overall software export for the entire year will not be altered. "It is also interesting to note that the export revenue from software has come down from 19 per cent to 11 per cent in the first six months. While the earnings from e-commerce doubled to touch 16 per cent from 7.5 in the corresponding period last year," Mehta said.Drawing attention to the market capitalisation achieved by the Indian IT companies in the recent past, Mehta said "we expect at least 20 more infotech companies listing their stocks in the foreign bourses in the next 36 months. As of now Bangalore-based Infosys and Satyam Infoway have successfully listed their shares on Nasdaq. Another five to six companies too are in the reckons to get their stock listed in US stock exchanges by 2000," Mehta said.Mehta also hailed the government's initiative to float a separate IT ministry saying that "only IT can make India a debt free nation and to help the industry in achieving the export target of $ 50 billion by 2008.Meanwhile, global consultants McKinsey will submit its report on ways to strengthen the Indian software industry by mid-December, Mehta said. ``We have already received a draft report and discussions are on to finalise recommendations. The report will be submitted on December 17,'' he said.The report is expected to give suggestions to the government, software companies and associations on how to sustain and improve the current over 50 per cent annual sectoral growth. ``It will give recommendations to even small and medium sized companies to move up value chain in the industry,'' he added.
