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The estimation is in line with an earlier forecast of 4-7 per cent given by Nasscom. The industry was optimistic to reach the $50 billion milestone export target in the current fiscal.
For 2010-11, it hopes that IT and BPO exports should grow at an annual 13-15 per cent to touch $56-57 billion as the slowdown peters out and the world economy recovers boosting demand for outsourcing. The sector's export growth had been slowing down from 32 per cent five years ago to single digits of late.
Releasing the Indian IT-BPO sector performance estimates for FY09-10, Nasscom said "export revenues for the Indian IT- BPO industry are expected to record a growth of 5.5 per cent, to reach USD 49.7 billion in FY 09-10."
It said as industry emerges stronger from the global economic meltdown to post encouraging results, domestic revenues may also grow by 15-17 per cent in the next fiscal to touch Rs 76,100-77,500 crore. For the current fiscal the domestic market is expected to witness 12 per cent growth in FY09-10 to reach Rs 66,200 crore.
Industry will continue to be a net hirer with direct employment expected to grow by 4 per cent and cross 2.3 million with over 90,000 jobs added in FY09-10, Nasscom President Som Mittal said.
