'Indian IT industry set to cross $100 bn' | india | Hindustan Times
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'Indian IT industry set to cross $100 bn'

According to a report it will grow at the rate of 18% and cross the $100 bn mark in revenue within next 4 yrs.

india Updated: May 02, 2007 22:58 IST

The burgeoning Indian IT industry will cross the $100 billion mark in revenues within the next four years with a growth rate of 18 per cent, said a report.

The report was released by US-based IDC Ltd's Indian subsidiary IDC India, a global research and market intelligence firm for IT, telecom and consumer technology.

"This will be a significant milestone for the industry and will surely mean a lot in terms of contribution to the country's GDP, employment generation and a whole host of gains, which ICT (information and communication technology) usage brings along with it," Kapil Dev Singh, country manager, IDC India Ltd said in a statement.

Spending on the Indian IT and ITES (IT-enabled services) grew by 26 per cent in the fiscal 2006-07 over the previous fiscal's figure to reach Rs 684.11 billion.

"The domestic IT/ITES market has attained a significant size now but continuing with the same growth momentum for the next five years is not going to be an easy task," said Singh.

"It will require the industry to create new user segments, identify new usage and define new relevance of ICT in the consumers' life and help develop the ecosystem required for that by designing innovative products and services," he added.