IT industry records 39.9 billion US dollars revenue in '07: NASSCOM

Bangalore, Jul 2 (UNI) The Indian IT Industry has recorded a revenue of 39.6 billion US Dollars in fiscal 2007, exceeding the target by over three per cent with a growth rate of 30.7 per cent, NASSCOM said here today.

Announcing the results of the IT industry for the year 2006-07, NASSCOM said the industry was expected to grow by 24 to 27 per cent during the current fiscal. TCS, Infosys and Wipro maintained the top three positions.

Commenting on the performance NASSCOM President Kiran Karnik said, "The software and services industry continues to exceed the forecast year after year and we are confident that this year's forecast of 50 billion dollars will be achieved." According to Annual NASSCOM Survey the industry grew from 30.3 billion dollars in 2005-06 to 39.6 billion dollars in 2006-07. The software and services exports grew by 33 per cent to register a revenue of 31.4 billion dollars in 2006-07, up from 23.6 billion dollars in 2005-06.

The domestic IT market grew by 23 per cent to earn a revenue of 8.2 billion dollars last fiscal, up from 6.7 billion dollars the previous year.

In the export segment, IT services exports grew by 35.5 per cent to cross a revenue of 18 billion dollars, while ITeS and BPO exports rose by 33.5 per cent to register a revenue of 8.4 billion dollars.

Engineering and product exports earned 4.9 billion dollars, up by 23 per cent.

Speaking on the industry's performance, NASSCOM Chairman Lakshminarayanan said, "Fiscal year 2007 witnessed India's enhanced role in global trade with continued momentum in new contracts and renewals." The industry continued to be the largest employer, directly employing 1.6 million people and indirectly creating employment opportunity for an additional six million people. The IT sector contributed 5.2 per cent to the national GDP, he said.

UNI