Hyderabad, Nov 28 (UNI) Satyam Computer Services Limited CMD and Managing Director Ramalinga Raju today urged the Centre to set up a special body to invest overseas and protect the IT industry, which was impacted by ''rapidly weakening'' US dollar, Speaking on the occasion of the 'INFOCOM-2007' conference, which brought together over 1,500 delegates from India and abroad, he said there were clear signs that the country would loose opportunities in the services sector.
''A special body for making investments abroad is the need of the hour to maintain a reasonable rupee dollar exchange rate,'' he said, adding, unless this was done, the IT industry would not be able to create more jobs and this in turn would affect growth in other sectors, including infrastructure and manufacturing.
The IT companies were certainly growing and hiring more and more people but the margins were impacted by the weakening of the dollar, he said. In such a situation, the government should take bold initiatives, including incentives for the IT industry, to cope with the current challenges.
''The IT services industry is estimated to be US Dollar 32 trillion and 70 per cent will be delivered on virtual platform in the next 20 years'', Mr Raju said, adding, ''This virtual platform is only the beginning of a revolution.'' ''The Indian IT industry, which was US Dollar 100 million in 1999, is expected to touch US Dollar 100 billion by 2010. With the services increasingly delivered on the virtual platform, the IT industry is all set to grow US Dollar one trillion by 2020,'' he added.