From correspondents in Maharashtra, India, 07:30 PM IST

Notwithstanding the meltdown and inflationary trends, the country is witnessing a boom in the small and medium enterprise (SME) segment, said a top official of software maker SAP.

The remarks of Ranjan Das, president (Indian subcontinent) and CEO of SAP, are based on the growth the company has registered in its revenue in the first quarter of 2008. According to the top officials of SAP India, gathered here to attend a company meeting, there has been a 43 percent software revenue growth in the SME segment.

'The past few decades have seen India consumed by SME rumblings. In the SME sector India is the fastest growing region worldwide,' said SAP's chief operating officer (Asia Pacific, Japan) Stephen Watts.

Endorsing the observations of the SAP executives, Praveen Sengar, Software and Services and Industry Verticals Research IDC (India) Ltd senior manager, said in the first quarter, the company 'witnessed 1,500 new customers and the customer base currently stands at 2,300. It has emerged as a leading player in small and mid-size enterprises with 27 percent market share'.

(Staff Writer, © IANS)