Three day IT summit in Mumbai
A three-day annual Indian IT summit set to begin in Mumbai on Wednesday will focus on developing intellectual property rights on creative solutions.Updated: Feb 13, 2006 13:51 IST
A three-day annual Indian IT summit set to begin in Mumbai on Wednesday will focus on developing intellectual property rights on creative solutions and discuss new horizons the industry needs to explore for growth.
The event will showcase inherent strengths that have enabled the Indian IT industry attain higher benchmarks in delivering services, said its organiser National Association of Software and Service Companies (Nasscom).
Other issues to be deliberated at the summit include third generation outsourcing, role of technology in business processes improvement, and rise of outsourcing in the Indian IT market, said a Nasscom statement issued in Mumbai.
The summit will see participation from the representatives of a score of Fortune 500 companies that have a strong presence in India and are customers of Indian IT. These firms are rapidly outsourcing support and other services to India.
Some of the leading participants include Simon Fanning, chief intelligence officer of Deutche Bank, Ian Hau, senior vice president (IT) of GlaxoSmithKline and Paul Coby of British Airways.
In the recent past, mergers and acquisitions have largely driven the growth of the domestic industry, indicating a great degree of interest and excitement in the Indian IT and IT enabled services.
Chief technology officers of blue-chip companies worldwide vouch for India for their software needs and for new technology solutions and continue to look towards the country for IT requirements.
"The Indian IT-ITES sector continues to chart double-digit growth and is expected to exceed $36 billion in annual revenue in fiscal year 2006," said S. Ramadorai, chairman of NASSCOM and CEO of Tata Consultancy Services.
"Indian IT-ITES is well on track to achieve the targets that the industry aspires to achieve by the end of the decade," he added.
The industry is likely to post a robust growth of nearly 28 percent in the current fiscal over the previous year and exports are expected to account for nearly two-thirds of the total revenues.
"The past year offered a steady growth for the industry," said Kiran Karnik, president, Nasscom.
"Along with increased presence of Indian IT companies across the globe, we saw new services lines emerging and the industry reached the next level in services offered," he added.
"In spite of the growth seen so far, it is estimated that less than 10 per cent of the addressable market for globally sourced IT-ITES has been captured till date, indicating significant headroom for growth."
First Published: Feb 13, 2006 13:51 IST