As the countdown begins for US President George W. Bush’s visit to India, the domestic dollar-spinning IT sector is keenly awaiting some positive signal on inking a free trade pact with the US in the services sector.
The US is the biggest market for India’s software services and business process outsourcing firms, accounting for nearly 70 per cent of the total exports that is likely to touch a staggering $24 billion in the year ending March 31.
With just a couple of days to go before President Bush arrives in India on Wednesday, hopes are soaring that the US administration would also raise the visa limit for entry of Indian tech professionals in the world’s largest economy.
"A free trade agreement with the US in the services sector will be a win-win situation for both the countries," said Kiran Karnik, president of the National Association of Software and Service Companies (Nasscom)."It (the agreement) will complement both the economies. While their strength is the vibrant venture capital and marketing skills, the Indian IT industry is known globally for its vast and skilled manpower base," Mr Karnik said.
"Despite the Indian IT firms’ foray into new geographical locations, the US continues to be the biggest and rapidly growing market. A free trade agreement in services will greatly boost the bilateral business relations."The service sector accounts for a little more than half of India’s gross domestic product.
The US is the biggest market for India’s software services and business process outsourcing firms, accounting for nearly 70 per cent of the total exports that is likely to touch a staggering $24 billion in the year ending March 31.
With just a couple of days to go before President Bush arrives in India on Wednesday, hopes are soaring that the US administration would also raise the visa limit for entry of Indian tech professionals in the world’s largest economy.
"A free trade agreement with the US in the services sector will be a win-win situation for both the countries," said Kiran Karnik, president of the National Association of Software and Service Companies (Nasscom)."It (the agreement) will complement both the economies. While their strength is the vibrant venture capital and marketing skills, the Indian IT industry is known globally for its vast and skilled manpower base," Mr Karnik said.
"Despite the Indian IT firms’ foray into new geographical locations, the US continues to be the biggest and rapidly growing market. A free trade agreement in services will greatly boost the bilateral business relations."The service sector accounts for a little more than half of India’s gross domestic product.