Upfront

Nasscom expects $30 billion of domestic IT business by 2008-09

Nasscom anticipates that the contribution of the IT sector to the country’s gross domestic product (GDP) would grow to 9 percent by 2008-09 fiscal from the existing level of 3 percent. The inherent advantages of Indian manpower hold despite growing competition from other countries. The technology sector’s performance has been heartening, it will grow by 35 percent this year and IT exports are expected to touch $50 billion in the near future from the current level of $12.5 billion. Domestic business will grow to $30 billion by 2008-09 up from today’s $3 billion. The IT manpower of the industry is expected to touch 1 million by 2005. In the past one year, about 1.2 lakh professionals were added and this year, another 1 to 1.2 lakh professionals will be added taking the total strength to 9.3 lakh. These figures were released at an ‘IT CEO Conclave’in Hyderabad.