India's economy continues to grow
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India's economy grows by more than 7% in the first quarter of the financial year - the results are better than expected.
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NEW DELHI -- With its burgeoning economy and muscular military, India is becoming a valued prize in the growing rivalry between the United States and China.
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The country&#39;s economy has accelerated, carried by strong household and government spending, to reach its fastest annual pace in nearly four years, official figures show.
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(InfoWorld) - Indiaâs outsourcing industry continues to do well despite theÂ appreciation of the Indian rupeeÂ against the U.S. dollar and higher staff costs. Indiaâs second largest outsourcer, Infosys Technologies, Wednesday revised slightly upwards its revenue forecast for its fiscal year to next March 31. The company said it expects revenue to grow by 29 to 31 percent during the year to between $4 billion and $4.05 billion. Infosys, of Bangalore,Â said in AprilÂ that it expected its revenue to grow by 28 to 30 percent to about $4 billion during the year. The company, which is listed both on Indian and U.S. stock exchanges, has however revised downward its revenue forecast in rupees, to take into account the appreciation of the rupee. Indiaâs software and services exports areÂ projected to growÂ by 26 to 29 percent to about $40 billion in the fiscal year to next March 31, India's National Association of Software and Service Companies (Nasscom) said this month. The countryâs revenue from exports of software and services and business process outsourcing (BPO) grew 33 percent to $31.3 billion in the fiscal year to last March 31, according to Nasscom in Delhi. The appreciation of the Indian rupee against the U.S. dollar pushes down rupee realizations for revenue earned abroad by Indian companies, even as staff costs in India are going up. The U.S. is the largest market for Indian outsourcers, accounting for about 66 percent of export revenue. Indian outsourcing companies seem to be holding out well against the pressures. Infosys of Bangalore has maintained its net margins despite the rupee appreciation, higher wages, and costs of visas to the U.S., the company said Wednesday, while announcing its results for the quarter ended June 30. iGate Global Solutions, a mid-size outsourcer in Bangalore, also said Wednesday that it had nearly doubled its operating margins in the quarter over the same quarter last year, despite a stronger rupee, on account of higher rates from customers, higher utilization, and increased use of offshore delivery of services. In the quarter ended June 30, Infosys posted revenue of $928 million up by 40.6 percent over the same quarter last year. The company's profits for the quarter were $263 million up by 51 percent from the same quarter last year. Infosysâ results are in compliance with US GAAP ( Generally Accepted Accounting Principles). The company added 35 new clients and 3,730 employees during the quarter taking the total number of employees as on June 30 to 75,971. Infosys plans to hire 26,000 more staff during the current fiscal year. Infosys and other Indian outsourcers compete with multinational services companies such as Accenture and IBM, which have set up offshore services delivery centers in India to take advantage of the lower cost of staff in the country. There is, however, enough business going around for both Indian and multinational companies, according to Indian outsourcers. The crunch comes in relation to hiring new staff. Wipro, Indiaâs third largest outsourcer will be announcing its results for the quarter next week.
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Exports continued to grow this year at a stronger pace than imports, even though both categories set records, the Commerce Department reported.
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India's economy grew at a faster-than-expected annual rate of 9.3% in the second quarter, according to official figures.
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India's economy is expected to expand by 6.9 percent in the fiscal year ending in March, down from the previous year's record growth of 8.5 percent, the government said Monday.
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The Philippine economy continued to grow robustly in the third quarter despite rising consumer prices, with the gross domestic product expanding by 6.3 per cent from a year ago
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Indian industrial output was up 7.6% in December on a year ago, official figures show.
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This fourth priority&#39;s main focus has been improving or obtaining CRM and ERP software for the past year and a half. India&#39;s software exports are on track to grow by 30 percent in the 2004-2005 fiscal year
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India&#39;s economy accelerated by a surprise 9.3 percent in the first quarter as industry and services grew strongly but a slowdown loomed, analysts warned Friday.
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Despite country's "growing and youthful IT workforce," China and India to remain dominant in outsourced business services.
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BANGALORE, India India&#39;s economy expanded by a more-than-expected 7.4 percent in the April-to-June quarter, buoyed by strong growth in manufacturing and services, the government announced on Thursday.
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India's economic moment in the sun is dawning as the nation shifts to a new growth trajectory and flexes its takeover muscles abroad, say analysts, amid a flurry of upbeat financial news.
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India's outsourcing industry continues to do well despite higher staff costs.
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India's economy grew at an annual rate of 9.1% in the six months to September, the government says.
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Indian shares, Asia's second top performers last year, are poised for long-term gains as foreign investors buy into the market, seeing the country as an economic "growth story," according to analysts.