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Govt to invest $194 million for IT dept
By siliconindia staff writer
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Wednesday, 04 February 2004, 20:30 IST
NEW DELHI: Lauding the performance of Indian software and services industry as one of the fastest growing sectors of the economy in the last five years, Government on Tuesday pegged the total plan outlay for Department of IT at Rs 889.27 crore for 2004-05 compared to Rs 593.58 crore in 2003-04.
"It is expected that by the year 2008, Indian IT software and services industry will account for seven per cent of India's GDP and 35 per cent of total exports," according to the interim budget tabled in Parliament on Tuesday by Finance Minister Jaswant Singh.
In line with the performance of the software sector, IT enabled services also witnessed explosive growth in the last two years, and ITES exports is likely to touch 21-24 billion dollars by 2008.
The IT software and services industry in India accounted for 2.4 per cent of the country's GDP and 20.4 per cent of exports in 2002-03.
In the last five years, the sector recorded a Compounded Annual Growth Rate (CAGR) of 43 per cent and registered a turnover of 12.7 billion dollars and exports of 10 billion dollars in 2002-03.
The total plan outlay for 2004-05 has been pegged at Rs 889.27 crore, of which the Internal and extra budgetary resources (IEBR) has been kept at Rs 139.27 crore.