Indicating a revival after three years, information technology spending rose by 5.5 per cent last fiscal against a 17 per cent dip in the previous fiscal and is projected to grow further by 26 per cent in 2004-05, a survey said.
"The total spending on IT by large enterprises in 2003-04 saw a rise of 5.5 per cent against a dip of nearly 17 per cent in 2002-03," according to Dataquest-IDC survey.
"This is the first time in the last three years that the spending on IT has seen an upward movement indicating that the revival is finally here," the survey said.
The average spending by a large enterprise during 2003-04 stood at Rs 12 crore (Rs 120 million).
Of this amount, over 50 per cent was spent on the purchase of new hardware, 24 per cent for software, and 17 per cent for services.
The survey found that during the last fiscal, nine of the top 20 IT spenders were banks.
The two verticals that emerged as the top spenders were BFSI and ICT, it added.