Indian IT to zoom to $55 bn!

A study conducted by market research firm IDC said that information technology industry in India will grow to Rs 2,47,000 crore ($55 billion apprx) by the end of calender year 2008.

The study said that Indian IT industry will witness a compound annual growth rate of 23.1 per cent between 2003 and 2008 with exports growing 25.3 per cent and domestic market by 18.5 per cent.

"IT services export is expected to grow at 19 per cent during the same period," Kapil Dev Singh, country manager, IDC (India) said while presenting the study 'Directions 2005' on August 4.

IDC went on to say that the domestic market has revived with 17 per cent growth in 2003 after seeing the lowest growth rate of six per cent in 2002 during the last 15 years.

IDC further said that India will be one of the leading three IT markets in the Asia Pacific region and in fact will drive the Asia Pacific infotech market out of doldrums.

IDC in its outlook for technology said, 2004 would see the stage being set for a wireless world in India.

The firm went on to say that while PCs will dominate the scene, Notebook PCs will see tremendous growth.

Photograph: Indranil Mukherjee/AFP/Getty Images

Also see: India powers ahead on BPO