Processing .....please wait.. 
The article has been forwarded.... 
News >> Technology >>
Foreign IT firms registers fast growth in India
By Pradeesh
|
Saturday, 15 December 2007, 02:46 IST
Mumbai: India is the fastest growing markets for a majority of leading information technology (IT) multinational companies (MNCs). As per industry estimates the turnover of MNCs like Dell, Intel, Microsoft and IBM is over half-billion dollar mark. The estimated turnover of Cisco has crossed the billion-dollar mark in domestic sales in the year 2006-07, and HP India is estimated to have an India turnover that is around $2.5 billion, reported The Business Standard (BS).
"We have beefed up our strategy to cater to the mid-market segment, which is booming. India is one of the fastest-growing markets for us. Our growth rates range between 40 and 45 per cent, nearly double that of the industry," said Nitin Chaudhry, Director, Commercial Business (PSG), Hewlett -Packard India.
Indian ITs left behind Indian IT service providers, however, are lagging on this score.
Tata Consultancy Services (TCS) is the only company to come close, with its domestic turnover totaling a little over $600 million.
Indian MNCs have a strong focus on small and medium enterprises (SMEs or the mid-market segment), e-governance projects, and a full suite of offerings (from hardware, software, systems integration and maintenance), which has helped them post growth rates of 25-50 percent.
IBM had signed a $600 billion agreement with Vodafone Essar for five years. It is already working with Bharati Enterprises and Idea and has also entered into another Indian corporates and the revenue from these deals has crossed $2 billion mark.
"We expect our revenues (in India) to reach $1 billion by the end of this calendar year, up from $700 million in 2006, driven by strong factors,?said Jesse Green, IBM Vice-President (Financial Management) told Business Standard
"With a U.S. slowdown round the corner and a depreciating dollar, U.S. tech firms are likely to push for export-led growth for earnings. Hence, the Indian market is emerging as a hot spot growth area," says Alok Shende, Head (IT & Telecom), Ovum India.