The National Association of Software and Service Companies (NASSCOM) on Tuesday said Indian IT companies would continue to grow globally at 16-18 per cent in the current fiscal despite the economic crisis in the U.S. and European markets.

“There is no reason for us to be worried... We have spoken to customers and they are looking at expanding into geographies and bringing newer solutions to the market,” Nasscom President Som Mittal said at the BPO Strategy Summit 2011.

Stating that the IT industry was cautious on the developments, Mr. Mittal said Nasscom was encouraging and helping Indian IT industry to find newer markets for their products and no to remain over-dependant on the U.S. and the European markets. Notably, the U.S. and European nations account for over 85 per cent of the revenues of the over $70 billion Indian IT sector.

Earlier this year, Nasscom had presented a conservative outlook of 16-18 per cent growth in IT exports in 2011-12 in the wake of the slow economic recovery in the U.S. and uncertainty in the European region. The growth in software and services export is expected to be 16-18 per cent and the sector is slated to bring in revenues of $68-70 billion. The growth in the domestic market is estimated to be 15-17 per cent, with revenues of about $19-20 billion.