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Mr R.V. Moorthy

Upbeat on long-term growth: (From left)The Nasscom President, Mr Som Mittal; the CEO of MindTree Ltd, Mr Krishnakumar Natarajan, and the COO of MindTree, Mr Subroto Bagchi; at a Nasscom meet in the Capital on Monday. –

Our Bureau

New Delhi, Sept. 29 Amid a financial crisis in the US, software association Nasscom on Monday said it would undertake a review of the export growth forecast for FY09, in December.

The National Association of Software and Services Companies said it had factored in the US financial crisis while announcing the export targets for FY09, even as it did not rule out the possibility of numbers seeing a marginal downward revision.

“In December we will do a review- I would think it would be minor by a few percentage points, if at all. Although it is an annual exercise, we will be watching out for two things – the impact of the financial sector meltdown on IT spending in sectors such as healthcare and utilities, and the impact outside the US market,” Nasscom President, Mr Som Mittal, said on the sidelines of an event.

The organisation had in July projected a revenue growth between 21and 24 per cent to $62-64 billion in 2008-09. Indian companies derive over 40 per cent of their revenues from the banking and finance space.

Asked if the financial crisis had turned out to be deeper than anticipated , Mr Mittal said, “We do not know the full impact yet. Moreover, Indian companies have been diversifying their markets. However, the long term-proposition remains strong.”

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