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|May 18, 1998||
Y2K earnings estimate scaled downThe National Association of Software and Service Companies estimates that Indian software companies totted up combined revenues of Rs 65 billion during 1997-98, of which around 10 per cent came from year 2000 projects.
Earnings projections from Y2K projects have been scaled down (from $2-5 billion to $2 billion) since fewer companies than projected have outsourced,
The euro conversion market is expected to be another revenue grosser for the software companies. In January 1999, several European countries will begin a three-year transition to a single currency, the euro.
This will require software used by banks and financial institutions in the European Union and its trading partners to accordingly change their software programme.
Revenues for Indian software companies from the euro conversion business is estimated at $1 billion.
NASSCOM said India's computer software exports totalled $1.75 billion in 1997-98, compared with $1.15 billion in the previous year.
"India's software exports in '97-'98 grew to $1.75 billion. In 1996-97 India exported $1.15 billions,'' NASSCOM Executive Director Dewang Mehta told a news conference.
"This figure shows that Indian software firms have made inroads in Japan and the European Union. In 1991-92, 85 per cent of our software exports went to the US,'' he said.
He added that in 1997-98, 141 companies out of the Fortune 500 - a list of the world's 500 largest companies compiled by Fortune magazine - used software developed in India.
- Compiled from the Indian media
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