India’s offshore outsourcing revenue is likely to grow 4-7 percent in the fiscal year 2010 which concludes at the end of March 2010. The projection was made by India’s trade body, the National Association of Software and Service Companies (NASSCOM) and reported by PC World.

India’s revenue from international outsourcing clients is estimated to be about $48 billion to $50 billion. This number accounts for revenue from Indian outsourcers and the local divisions of multinational firms. These multinational companies outsource business processes (BPO),  knowledge processes (KPO) and software development work to India.

While the industry is still growing, this rate is down significantly from the previous year. In the fiscal year ending in March 2009, the industry was up 16.3 percent, reaching $46.3 billion.  Note, this estimate includes Satyam and will need to be recalibrated once the firm restates its accounts.

Analysts warn that Indian revenues and profits will not return to the high growth figures of years past until the US and global economy has fully recovered. Approximately 70 percent of outsourcing export revenues are for U.S. clients.