Continuing its growth pace at over 30 per cent per year, the information technology sector in Pune is closing in on the $2-billion exports mark during the year 2006-07.
P Venugopal, director of Software Technology Parks of India (STPI) told Business Standard that the landmark will be reached by December this year, going by the current growth rate of 30 per cent.
"It will be faster if the growth will be at 40 per cent, which is being targeted by most companies," said Venugopal.
"The city crossed the milestone of software exports crossing the magical $1-billion mark (Rs 4,600 crore -- Rs 46 billion) in 2004. Since then the city's IT industry is cruising along at 30-40 per cent nearing the $2-billion mark in 2006-07," said Venugopal.
From 2003-04, which saw the city's IT exports reach Rs 4,200 crore (Rs 42 billion), a little short of the magical figure of $1 billion (Rs 4,600 crore) to 2004-05, closing at Rs 6,150 crore (Rs 61.50 billion), thereby seeing a growth rate of 40 per cent.
In the year 2005-06, Pune seems struggling to reach the $2-billion mark, growing at 25-30 per cent, he observed.
Venugopal said, "In 2004-05, the city recorded export revenues of Rs 6,150 crore (Rs billion). In the last three quarters (April-December 2005), exports has grown at 25-30 per cent. We now await the fourth quarter results, ending March 31.
Normally, it is observed that this quarter sees maximum growth, at about 30-40 per cent." He further said, "We are expecting to close 2005-06 with exports of near Rs 7,500 crore (Rs 75 billion) this year."
Venugopal said that in 2004-05, the city added 109 new companies and would continue to add more. As for 2005-06, "We have already received 100 registrations and another 10 applications with us, which we will finalise within a fortnight," he said.
Describing the Maharashtra government's announcement to make Pune an IT city, Venugopal is of the view that the stature of the city in the global arena would get a "shot in the arm."
He said, "With this branding, we can promote both Mumbai and Pune and make the Mumbai-Pune knowledge corridor across the expressway bigger than Bangalore."
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