India, which is currently heavily dependent on the US and European markets for its ICT (information and communication technology) exports, should look at newer geographies in order to stay ahead in the fast-changing IT global landscape.
The US and Europe together account for more than 90 per cent of the software exports from the country at present. Mr S. Radhakrishnan, Chairman, ESC (Electronics and Computer Software Export Promotion Council), on Wednesday said that there is a need to develop alternative markets in countries such as Southeast Asia, Latin America, Africa and Middle East to reduce the dependence on the ‘traditional markets'.
The Council has been trying to tap these markets through its Indiasoft exhibitions held in the country once in a year. ESC is also sponsoring a delegation this month to Argentina to scout for newer avenues in software exports, Mr Radhakrishnan said.
ESC expects India's ICT exports to grow by 15 per cent to $75 billion in 2011-12. While software and services exports are projected to grow to $64 billion, the electronics hardware exports should reach over $10 billion during the current fiscal.
The downgrading of US credit rating would not have an impact on the Indian IT industry, he said. Explaining his point further, he said, “The agenda before the US administration for getting the consensus of Congressmen and senators for increasing the borrowing ceiling is to limit the government expenditure whose share in outsourcing is negligible.”