Indian IT and BPO export is likely to touch $60-62 billion by FY 2011 from $31.4 billion in FY07, according to industry body Nasscom.

In its Strategic Review 2009 report, Nasscom said that in the current fiscal, the exports could touch $47 billion, without giving estimates for 2010.

"Despite the unprecedented economic downturn, the industry will witness sustainable growth. The global technology spending outlook for 2009 is affected by the recessionary environment but it is expected to grow from 2010," Nasscom said.

Though the United States still remains the dominant market for the Indian IT-BPO industry, the European and Asian markets are catching up as they witness higher growth in demand.

A vertical break-up of India's IT-BPO exports sector shows Banking and Financial Services Institutions (BFSI) accounted for 41 per cent of the export pie in FY08, while telecom and manufacturing contributed 20 per cent and 17 per cent, respectively.

Other major verticals include retail, healthcare, airline and transportation, construction and utilities and media, the report said.