Nasscom, the apex body of IT software and services has lowered its 2012 forecast for the animation industry by 27.7 percent and gaming industry by 16.3 percent. It now expects revenues from the animation industry to touch $830 million against the earlier estimate of $1060 million and revenues from the gaming industry to touch $830 million against $1163 million.
In its press statement, Nasscom stated that this downward revision is largely on account of slackened demand due to the global economic downturn and the domestic box office for animation movies has not picked up as estimated, end-to-end skill sets not being developed in the animation services industry and proof of concept or IP creation not up to the expectations.
Som Mittal, President of Nasscom said, "NASSCOM recognizes this industry as a significant user of technology and can further showcase India's well established credentials in the IT Industry space. However, being in a nascent stage of development, it is critical for all stakeholders to come together and create an environment that nurtures this industry for it to be able to compete at a global scale."
The economic crisis has hurt the earnings of Indian IT companies with NASSCOM forecasting four to seven percent rise in India's software services and exports for the year to March 2010, sharply slower than the past years' robust growth.
Agencies
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