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Despite recession, Gujarat based SME IT firms have managed to clock a significant 72 percent year-on-year growth from IT exports.
When most of the IT firms were reeling under recessionary pressures with even heavy weights witnessing a drastic fall in their profit margins, small-scale IT companies in Gujarat were surging ahead in exports of software and hardware products. Surprisingly the dismal economic climate didn’t have a negative impact on the IT sector in the state as most companies registered a stable growth in their IT exports.
Growth amid recessionary times
The estimates available with the Software Technology Park of India (STPI) says that IT exports from Gujarat recorded 72 percent annual growth in 2008-09, going up by over 20% in the last 3 years despite challenging times. Revenues from IT shipments from Gujarat climbed to Rs 1, 270 core in 2008-09 from Rs 740 crore in 2007-08.
According to industry analysts, even during the time of recession, Indian firms continued to receive fresh good orders. Further, small-scale IT firms due to their competitive pricing were a preferred choice over the tech giants.
AS per STPI figures the IT exports from Gujarat during April-December 2009-10 crossed Rs 1000 crore mark. This point towards the fact that both big and small IT players in the state continue to flourish even as western markets are yet to come to terms with the financial mess.
Another key industrial official informed that mass availability of technologically skilled manpower, massive infrastructure facilities and helpful business environment might help IT companies in Gujarat post high growth numbers during recession.
The most remarkable part being: not just firms in the outsourcing sector, firms in the field of Engineering Design Software (EDS) have also aided the IT sector gross higher revenues despite recessionary pressures.
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