Chairman and CEO of business publisher Forbes has warned that the US will lose the mantle of software global leader to India.

Steve Forbes said India is set to become a global leader in technology services as software companies move up in the value chain, while the weak dollar has hurt the US economic recovery.

He said that the US response to the economic slow down has not helped. Forbes said that the government had not reduced taxes or stabilised the dollar. However the pace of economic growth in India proved that the country was able to weather the crisis well. While it would take decades for India to become a competitor to the US it had the capacity to be global leader in certain areas such as technology services, he added.

"They are global players in certain areas, they will be leaders," he said.Outfits such as Tata Consultancy Services, India's top software exporter and its smaller rival Wipro were already undertaking complex software projects, he added.