The Hindu Business Line : Strong rupee is cause for concern: Karnik

The National Association of Software and Services Companies (Nasscom) said on Wednesday that the rupee emerging stronger against dollar has become a cause of concern for the IT industry.

"We have had an 8-9 per cent rise in the rupee against the dollar in just 3-4 months. This is something which the entire industry is greatly concerned about," said Mr Kiran Karnik, President of Nasscom, on Wednesday.

Further, any hope for the industry lies in the US economy performing better than expected and the US tweaking interest rates to prop up the dollar, he added.

Indian IT firms derive 60-65 per cent of their revenues from the US, which is a major destination for IT exports.

Mr Karnik was speaking on the sidelines of the inauguration of India's first IT finishing school.

The Mysore-based Raman International Institute of Technology, under an MoU with the University of Mysore, has set up the IT finishing school for IT and non-IT engineers and science graduates.

The industry-oriented course trains technical as well as non-technical skills like soft skills, communication and language skills, to make the students apt for IT industry absorption.

Mr Karnik said that the country's IT sector would require nearly five lakh professionals a year in the next five years to cater to the growing needs of the industry.

Currently, the industry required three lakh professionals.

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