As sales in the domestic market are also expected to be higher growing in double digit (12 percent) this fiscal to 1,265 billion from 1,150 billion last fiscal, the industry's overall revenues will touch $130 billion in FY15 from $118 billion in FY14.

"Global economic revival and rising tech spend have brought optimism in the industry. Rapid technology transformation is, however, altering client engagement, fuelling business transfiguration, speeding up delivery services and driving innovation in operations," Chandrashekhar asserted.

Noting that the outlook was upbeat as the industry was evolving in scale and complexity, the former IT secretary said the sector would leverage collaboration, innovation, technology shifts and build a transformational agenda for the country.

"The industry will create a new market not only in India, but also globally to serve as a technology differentiator for customers shifting from cost to innovation. The sector will continue to create jobs, generate forex through exports and position it as a global IT-BPM partner," Chandrashekhar observed.

Revival in consumer confidence leading to return of discretionary spending and increased demand from the U.S. and Europe will boost software exports this fiscal.

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