IT revenues grow@33%, to hit $64 bn

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New Delhi, February 11:: The Indian IT and BPO industry is expected to clock revenues of 64 billion dollars by the end of fiscal year 2008, registering a growth of 33 per cent, according to a study.

The software and services exports are expected to reach 40.8 billion dollars, while the domestic market is expected to touch 23.2 billion dollars in FY08, the 'Strategic Review 2008' by IT industry body Nasscom said.

It said the industry would also meet its target of 60 billion dollars software exports, and overall software and services revenues of 73-75 billion dollars by 2010.

"The Indian IT industry has been rapidly evolving, the growth is on track to achieve, if not exceed the targets for 2010. The trends indicate that the domestic market is poised for growth with IT spends trending upwards, particularly by the government," Nasscom President Som Mittal said in a release.

However, there are global macro economic challenges --talent, manpower and infrastructure issues -- that will need to be addressed, collectively, he added.

The contribution of Indian technology sector to the GDP is expected to increase to 5 per cent in FY2008 from 1.2 per cent in 1998, Nasscom said.

"The robust growth of the Indian IT-BPO industry by over 33 per cent in the current fiscal year reinforces the confidence of global corporations in India. As we move towards 2010, trends indicate that the industry is firmly poised for broad-based growth across industries and service lines," Nasscom Chairman Lakshmi Narayanan said.