The rate of growth of the domestic IT industry has surpassed that of exports for the first time ever in FY13, signalling a gradual shift of the sector?s dependence on the mature markets which contribute close to 80% of India?s outsourcing revenue.

For FY14, industry body Nasscom has projected that revenues from the domestic market will grow at the rate of 13-15% to touch R1.18-1.20 lakh crore, higher than the projected growth rate of 12-14% for the export business. The apex IT trade body pointed out that the domestic market in India is maturing and Nasscom is partnering with the government to fuel technology adoption in the country.

?For the first time in our history, the domestic IT industry growth rate has been higher than export growth rate, which clearly demonstrates how local companies are adopting technology. The domestic growth rate is set higher in FY14. The adoption of technologies like cloud is making a huge impact on government institutions,? said Nasscom chairman N Chandrasekaran, at the trade body?s leadership summit 2013, which kick-started on Wednesday.

In FY13, domestic revenue is estimated at R1.04 lakh crore, recording a growth of 14.1% y-o-y, making it one of the fastest growing markets in the world, while during the same period exports are estimated to have grown 10.2%.

The three-day forum, which will have delegates from many neighbouring countries like Bangladesh, Pakistan and Sri Lanka, will look into emerging technologies and business strategies for the future. ?Our partnership will lead to building economic alliances across borders,? noted Nasscom president Som Mittal. The forum is hosting people from 35 nations representing customers, government officials and partners.

According to Nasscom, the theme for the summit, ?Imagineering the Future? is apt keeping in mind India?s leading position as the global sourcing destination. ?However, one could question that at a time when we are not aware of what will happen in the next quarter, why we are talking about the future. We believe that the future is of our making and the industry today in India is fully geared to shape its own future. We have to find out what will the next $100 billion looks like,? said Mittal.

Chandrasekaran said that businesses around the world are reinventing themselves, looking at technology, application and digital infrastructure to create a new base-line for corporations.