With increase in the number of multinational firms setting up base in India to cut labour costs, computer software and services export is estimated to have grown by 30 per cent during April-September 2003 touching $8.66 billion, according to ESC.

Computer software and services export is estimated to have grown by 29.76 per cent in dollar terms during April-September 2003 as compared to the same period a year ago, touching 8.66 billion dollars, D K Sareen, ED, ESC, said, adding that the $12.49 billion target for 2003-04 could be achieved.

During the period in reference, over 69 per cent of the target set for export of computer software and services for the entire 2003-04 has been achieved, he said.

"There is a possibility of overshooting the target going by the solid strides software exports are making in the recent days despite the increasing anti-outsourcing campaigns in US," Sareen added.

One of the reasons for accelerated growth of software exports from the country is the increase in the number of MNCs setting up 100 per cent subsidiaries in India to cut down the labour cost in US and Europe, he said.

This is not just in the case of call centres but also in segments like R&D, financial analysis, legal consultancy, he said.