Thursday, April 28 2005 14:21 Hrs (IST) - World Time -

Bangalore: Outperforming it's own projections, Karnataka has reported a 52 per cent jump in software exports at Rs 27,600 crore during 2004-2005 and set a target of Rs 35,000 crore for the current fiscal.

Karnataka had exported software worth Rs 18,100 crore during 2003-2004 and estimated 30 to 35 per cent rise for 2004-2005, senior officials of Software Technology Parks of India and Karnataka Government said in Bangalore.

One hundred and twenty nine foreign equity companies were approved, one in every two working days, with a total projected IT investment of Rs 2783 crore, they said.

"The exports growth is more than we expected at 30 to 35 per cent. We are rather surprised we have reached 52 per cent. It is a jubilant growth", STPI Director B V Naidu said.

He said that 198 new companies were registered during 2004-2005, the highest number in a year in the last five years.

Sixty three per cent of software exports were to the US, which saw a shrill outcry against outsourcing of jobs to India during the American Presidential polls and 23 per cent to Europe, Naidu said. Top 10 companies accounted for 50 per cent of total exports and small and medium enterprises for the rest.

To a question, Naidu said that companies had postponed decisions following the outcry during the American polls and also because it was the end of the financial year. But the pace had picked up after the elections.

Karnataka IT and BT Principal Secretary Shankarlinge Gowda said that the State targetted software exports of Rs 35,000 crore ($8 billion) and an additional 50,000 jobs for 2005-06.