The Indian software industry is "on track" to acheive 30 per cent exports growth target to touch about Rs 48,000 crore (Rs 480 billion) during the current financial year.

"Going by the results so far, it looks like we are well on track towards the projected 30 per cent growth rate for 2002-03," Nasscom President, Kiran Karnik said.

Stating that the software association was in the process of putting data and figures, which are likely to be released in the next eight to 10 days, Karnik said, "So far we are comfortable with the our targets."

He said in the current financial year the IT services segment would witness a growth rate of 22-23 per cent, while the IT-enabled services would touch a growth rate of 60 per cent.

Commenting on the year 2003, Karnik said that while the IT expenditure globally may be restricted, outsourcing was on the rise.

"Much of this will be offshore and to India," he said. Billing rates, he said, are expected to be stable although margins will remain under pressure.

"Opportunities for Indian companies in IT-enabled services will exist across a wide area of services such as customer interaction, finance and accounting, engineering and design, HR services, GIS and animation," he said adding that Nasscom would bring out a special report on animation in the next three weeks.

Karnik said the report would look at the road ahead for the animation industry, the market and the growth possibility.