13 February 2008
The Indian IT industry is set to hit revenues of $64billion, up 33%, by the end of this year and to employ some two million people.
Figures from Nasscom, the National Association of Software and Service Companies have estimated software and services exports will be worth $40billion, while domestic sales raise $23billion in the financial year 2008.
By 2010 the association expects the Indian software and services market to bring in revenues of between $73billion and $75billion. Although historically based on providing services to European and US firms, Indian IT firms are increasingly doing more work for other Indian organisations.
Som Mittal, Nasscom's president, said in a statement:
The trends are interesting and findings indicate that the domestic market is poised for growth with IT spends trending upwards particularly by the government.
Mittal said firms were becoming increasingly specialised, which is a sign of a maturing industry.
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