Impressive Developments in India’s IT and Software Industry

By admin • May 21st, 2010

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The India PRwire reports of impressive growth rates in India’s Information Technology and Software Industry and talks of large future investments from overseas corporations.

IT and Software is already a large part of the economy and generated revenue of US $59.6 billion during the last fiscal year. The IT-Business Process Outsourcing industry also witnessed large scale growth and expanded by 12% during the same period. In terms of GDP contributions the industry now contributes 5% of GDP in India today up from 1.8% of GDP in 1998.

As well as this current growth in the industry, large scale investments are expected in the coming years which will expand the industry even further. Companies from the USA and UK are expected to deal with Indian IT companies in projects ranging from US $200 million to US $600 million.

It is not just internal gains in the IT and Software market which is contributing to the rapid growth of the sector as the quantity of exports from India is increasing as well. Exports of IT Software from India have increased dramatically over the years and now accounts for about 60% of total software revenue and this is expected to grow further by 13-14% this fiscal year.

Read the full story at Impressive Developments in India’s IT and Software Industry

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