IT industry grew 33% to $28.5 bn
July 15, 2005 16:40 IST
Dr Marc Faber: We Are Never Prepared by What We Expect By Tim Wood 01 Dec 2004 at 08:50 PM EST Note: this is an edited transcript...
The Indian information technology industry grew 33 per cent year-on-year in 2004-05 to $28.5 billion with exports growing at 36 per cent to $18.5 billion, according to a survey by technology publication group Dataquest.
The domestic market grew by a healthy 27 per cent to touch Rs 43,026 crore ($9.9 billion). The growth was better than 2003-04, when the domestic market grew 24 per cent.
"Once again, the domestic industry has shown it can do it with growth in the twenties for the second year running," said Dataquest chief editor Prasanto K Roy.
"After a decade of lagging software exports' growth, it's now showing respectable growth, even though it's lost a percentage point in its share of the pie at 35 per cent," he said.
Within the domestic market, growth was led by the services segment, which grew by 37 per cent, compared to an overall hardware growth at 18 per cent. However, export revenues accounted for two-thirds of the $28.5 billion of the Indian IT industry.
While software exports were up 37 per cent to Rs 55,68 plus 12 crore (Rs 556.92 billion), the business process outsourcing market grew 38 per cent to Rs 22,620 crore (Rs 226.2 billion).