Financial Daily from THE HINDU group of publications
Tuesday, Sep 24, 2002
Industry & Economy - Exports & Imports
`Software exports to US growing at 25 pc'
NEW DELHI, Sept. 23
INDIA'S software exports to the US are growing at more than 25 per cent during the current fiscal, according to the information available with the Department of Commerce in the Commerce Ministry.
The Americas (the US, Canada and Latin America) accounted for over 62 per cent of the country's global software exports of $7.68 billion in financial year 2001-02.
"No doubt, this year has not been up to the mark for global trade. The world has passed through turbulent times. But our exports of software to the US are currently growing at more than 25 per cent. This is the information we have got from our Embassy in the US,'' the Commerce Secretary, Mr Dipak Chatterjee, said here at the launch of Language Related Market Access Facilitation Initiative (Lrmafi) in the Japanese Market.
Lrmafi has now been put under operation through Electronics and Computer Software Export Promotion Council (ESC) by the Department of Commerce.
This language promotion scheme aims at giving a new impetus to Indian exporters for overcoming the language barrier for diversification of their export into the Japanese market, especially in view of the slowdown in the US and other major economies.
In his address, Mr Chatterjee said that it was for the first time in the history of the Department of Commerce that a language promotion scheme has been approved as an instrument for trade promotion between countries and regions.
He observed that India's share in the Japanese software and services market was still miniscule. Japan's software and services market is estimated at more than $ 60 billion. India's software exports to Japan stood at $236.82 million in 2001-02.
"Out of 2,400 Indian software exporters, only 60 Indian firms are active in the Japanese market,'' Mr Chatterjee said. He pointed out that the recent economic developments have amply shown that dependence on a single market like the US was not a good strategy.
``There is, therefore, an urgent need for looking at alternative large and dynamic markets like Japan and Germany,'' Mr Chatterjee said.
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