Despite an appreciating Rupee eating into its earnings, the IT sector seems to have reasons to smile. Nasscom (National Association of Software and Services Companies) says the industry is set to rake in USD 50 billion in revenues this year, reports CNBC-TV18.
In 2006-07 the IT sector's revenues reached over USD 39 billion. Nasscom figures show the sector grew 30.7% last year and it's poised to touch USD 50 billion in FY08, which is a growth of 27%.
Nasscom President, Kiran Karnik said, "We expect to end this year at USD 50 billion and I think that is a true milestone. More importantly, we continue to see huge prospects of growth both in terms of what we can deliver from here and what the demand is worldwide."
IT software and services are expected to contribute USD 28-29 billion. While, ITeS and BPO exports are expected to add USD 10-11 billion, the domestic market will also boost its contribution. And though the projected growth for FY08 is a modest 24-27%, it will be the highest incremental growth for the industry.
"Deals above USD 50 million are a benchmark for what is considered a big deal. The share that India had in 2002 was just 1%. In 2007 it has gone up to 7%. That's a 7 fold increase," said Karnik.
With bigger deals and new avenues such as engineering services and animation bringing in the green bucks, the Indian IT industry seems certain to hold out against competition. And Nasscom's USD 60 billion dream may turn reality long before 2010.
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