Indian IT industry grew 26 percent in 2004

By agencies   |   Tuesday, 15 February 2005, 08:00 Hrs
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NEW DELHI:Despite financial stress and appreciating rupee, Indian IT industry grew by 26 percent in 2004, a consultancy said.

The market increased to 950 billion ($21.9 billion) in 2004, of which around 40 percent came from sales of computers, servers and services, a data released by Skoch Consultancy Services said. The report added that Software exports registered a 32 percent growth during the period.

While IT Services (ITS) exports grew by 24 percent, the business process outsourcing (BPO) sector witnessed a 49 percent growth in 2004.

However according to the report, the margins continued to be under pressure in IT exports as the rising rupee and salary hikes were outpacing growth of sales volumes in the sector. Further it said the industry could possibly face shortage of up to a million workforces by 2008, a figure much higher than the Nasscom report that said the industry would see a shortage of 262,000 professionals by 2012.

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