The software services sector has contributed over $25 billion to the country's foreign exchange reserves of $70 billion, according to the estimates of the National Association of Software and Services Companies.

In other words, the sector has contributed more than a third of the reserves.

"The software services sector has been one of the largest contributors to the country's foreign exchange reserves at over $25 billion," Nasscom president Kiran Karnik said.

As per the Nasscom estimates, the software exports have been increasing considerably over the past few years and is on track to achieving the target of over $50 billion exports by 2008.

"Software exports will continue to be one of the strongest contributors to the country's foreign exchange reserves if you look at the export growth projections," Karnik said.

During 1998-99, the software exports stood at $2.6 billion, which increased to $3.9 billion in 1999-2000.

In 2000-01, the software services sector saw its exports zooming to $6.2 billion, while during 2001-02, the software exports stood at $7.6 billion. For 2002-03, the Nasscom has projected software export earnings of around $9.5 billion.

"Over the past few years, software exports have been growing at a good pace. In 2002, which was a bad year for the global economy, the country's software exports grew 29 per cent, while the turnover of the infotech industry crossed the $10 billion mark," Karnik said, adding that the software services industry had generated over 90,000 new jobs directly, and 200,000-300,000 jobs indirectly.

The top software exporter in 2001-02 was Tata Consultancy Services with exports worth Rs 3,882 crore (Rs 38.82 billion), while Infosys Technologies bagged the second position with exports worth Rs 2,553 crore (Rs 25.53 billion).

Wipro was at number three with software exports worth Rs 2,298 crore (Rs 22.98 billion), while Satyam Computer Services stood fourth with exports at Rs 1,703 crore (Rs 17.03 billion). HCL Technologies, which bagged the fifth position, recorded software exports worth Rs 1,320 crore (Rs 13.2 billion).