Karnataka had exported software worth Rs 18,100 crore (Rs 181 billion) 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.
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 (Rs 27.83 billion), they said.
"The exports growth is more than what we expected at 30 to 35 per cent. We are rather surprised to see that we have reached 52 per cent. It is a jubilant growth," B V Naidu, Director, STPI said.
He said 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.
The top 10 companies accounted for 50 per cent of the total exports and small and medium enterprises accounted for the rest.
Naidu said 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 the state targeted software exports of Rs 35,000 crore ($8 billion) and an additional 50,000 jobs for 2005-06.