 "Indian IT Industry To Cross $100 Billion In 2011")
The Indian IT and ITeS sector is projected to grow at 18% CAGR in the next five years to cross an estimated $100 billion (over Rs 4.58 lakh crore) revenue by 2011, according to IDC. The industry clocked over Rs 1.98 lakh crore revenue last year - a jump of 31% over the preceding year.
Exports revenue stood at Rs 1.30 lakh crore in 2006 and is expected to yield Rs 2.89 lakh crore by 2011.
“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 usage brings along with it”, commented Kapil Dev Singh, country manager, IDC.
On the domestic front, IT/ITeS spend has been estimated at Rs 68,411 crore in 2006, a gain of 26% over 2005. The growth in domestic IT/ITes spend has been primarily driven by companies’ investment in IT infrastructure and increased consumer spending on mobile and digital products, IDC said.
Domestic IT/ITeS revenues are projected to touch Rs 1,68,370 Crore in 2011, at a CAGR of 19.7%.