The National Association of Software and Service Companies (Nasscom) would soon revise it export growth forecast in the first week of December. It had forecasted revenue rate between 21 and 24 percent for the financial year 2008-09.The IT body is forced to revise its export policy following slowdown in the US economy. The body is, however, expected to meet its target of $60-billion for 2010.

The chairman of NASSCOM, Som Mittal said that the US financial crisis would impact the domestic IT industry as many companies have exposure to the US market. The magnitude of the impact would be clearer after December. Indian IT and software industry can shift to new locations in Europe, Asia and West Asia as per their economic suitability. This would bring the new era of mergers and acquisitions for the Indian companies. There is a good scope of embedded designs, small and medium enterprises (SME) and manufacturing of hybrid chips in the western world. 

The US government is doing its best to tame the bad economic situation in the country. It has already proposed a $700 billion bailout fund to recover and help the market.