The association of IT-BPO industry, NASSCOM has revised the growth projections of software and service exports to 16-17% for the financial year 2008-09 at $47 billion as compared to its earlier estimates of $50 billion. The body said that demand in the segment declined under the impact of global slowdown that led it to revise its revenue growth targets.
 
Nasscom Chairman, Ganesh Natarajan said, "We faced additional challenges of cross-currency fluctuations, terror attacks, corporate governance concerns and protectionist sentiments." However, he said that the segment may achieve its export targets of $60 billion by 2010-11, a year later from its earlier estimates.
 
Nasscom has formed a corporate governance committee that would work toward business transparency and encourage sharing of knowledge to avoid Satyam like frauds in corporate sector in future. The committee can be authorized to take stern actions against the guilty by providing it some legal authority.
 
Meanwhile, Nasscom president, Som Mittal plans to visit US in the backdrop of a new administration under President Barak Obama in the US and anti-outsourcing sentiments prevailing in US due to large scale job losses under the impact of global financial crisis.