The Hindu Business Line : Rising Re may impact long-term growth: Karnik

Hyderabad, Dec. 4 There is huge uncertainty on the growth prospects of Indian IT industry over the next four to five years if the rupee appreciation goes unabated, according to Mr Kiran Karnik, President, Nasscom.

“While we see no threat to the projected 26-28 per cent growth in IT exports in the current fiscal, there is a question mark over long-term growth as small and medium firms are already hard hit by the surging rupee,” Mr Karnik told newspersons here on Tuesday. The rupee appreciation is not the only problem. The tax and fiscal environment should be made conducive beyond 2009, he said, adding: “Our plea is that the concessions under Software Technology Parks of India (STPI) should be extended for a 10-year period to make IT business affordable for SMEs and start-ups.” The apex industry body is currently in talks with the State Governments where IT industry is strong.

Amendments to IT Act

Mr Shyamal Ghosh, Chairman, Data Security Council of India (DSCI), a self-regulatory organisation on information security issues (promoted by Nasscom), said a submission had been made before the Parliamentary Standing Committee on amendments to IT Act to take note of regulations pertaining to the contractual forms, digitisation of electronic signature and quantum of punishment for cyber criminals.

“We also want that DSCI should be recognised by the legislation as a consultative body on data security issues,” he said. Nasscom and DSCI are seeking setting up of fast track courts for speedy disposal of cases involving data theft.

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