Hyderabad, Oct 13: Satyam Computer Services Limited Founder and Chairman B Ramalinga Raju today said 70 per cent of the world's Gross Domestic Product (GDP) came from the services sector and predicted that the growth of IT and Business Process Outsourcessing (BPO) sectors would be over 1,000 times in the next 20 years.
Addressing an interactive session on 'Vision for Inclusive Growth', organised by the Confederation of Indian Industry (CII) here, he said the global economy was growing at four to five per cent and 80 to 85 per cent of the economy in sectors which did not exhist earlier. This was a great value addition.
Highlighting the importance of services sector, he said 70 per cent of the world's GDP came from the services sector and its contribution was significantly growing. Ppractices in various sectors were moving to a virtual platform.
Projecting the growth of IT and BPO sectors to be over 1,000 times in the next 20 years, Mr Raju envisaged a great convergence between IT, Bio and Nano Technology in the future.
He said commoditisation and innovation go hand in hand and industry should harness its potential by bringing the speed and scale of global innovations back home to improve their performance.
State Council for Higher Education Chairman K C Reddy said inclusive growth in a developmental perspective meant participant growth. The Indian business was ready to take over the challenges of the global economy and such achievements should be equitably distributed back. The growth should be sustainable and inclusive, Social inequality was the basic reason for economic inequality.
He said inclusive innovation and R and D were very important for the overall growth and development, the release added.