IT-ITeS revenues to touch $28 billion by March 06

By agencies   |   Tuesday, 27 December 2005, 08:00 Hrs
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NEW DELHI: The Indian IT and ITeS industry may clock $28 billion in revenues by March 2006 against $22 billion earned in the financial year 2005 from exports and domestic markets, the apex body of the information technology industry Nasscom said.

The association representing software and services segment said that the year 2005 proved to be a remarkable year for Indian IT-ITeS sector that charted double-digit growth. The top IT players witnessed a top line year-on-year growth of nearly 32% in the first half of 2005. The total headcount of captive units of large multinational companies is projected to grow by at least 30 percent by March 2006.

Spending in the domestic market is also witnessing steady growth with spends on services coming into their own reflecting sound optimism for the year-end results.

According to McKinsey, the total addressable market for global off shoring is $300 billion of which $110 billion will be off shored by 2010. India has a potential to capture more than 50 percent of this opportunity.

Besides, McKinsey also estimates a shortfall of 500,000 quality people in the industry by 2010. To reduce the shortfall, the ITWD aims to ensure availability of globally employable quality IT professionals in India.

To meet this requirement the association also signed a MoU with university grants commission (UGC) and all India council for technical education (AICTE) earlier this year. To get India recognized not only as a services hub but also a product hub, Nasscom constituted a Product Forum, which aims to catalyze product development in India.

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