One of the mainstays of our growing economy has been the IT industry. As a long time industry watcher, it feels good to hear that the industry crossed the $ 50 billion mark in fiscal 2006-07 according to Dataquest.
Key points: (Note: Rs. 1 crore = Rs. 10 million)
- The industry grew by an impressive 32 % in rupee terms, and 30 % in $ terms in fiscal 2006-`07, to cross the $50 billion mark.
- Export earnings of Rs 153,744 crore and a domestic market of Rs 73,135 crore contributed the revenue of Rs 226,879 crore.
- Exports revenues grew at 35 per cent and the domestic market at a consistent 27.2 per cent, roughly the same for three years now
- The IT services exports crossed trillion rupees mark to reach Rs103,647 crore, representing a growth of 37 per cent. BPO Services grew 33.5 per cent to touch Rs. 37,800 crore. Engineering services (Rs. 4,146 crore) and entertainment and gaming (Rs. 1810 crore) too emerged as strong exports areas.
The Top 20 players accounted for as much as 77 per cent of the software services exports by growing at 44.2 per cent, the highest in the first seven years of the millennium.
The top three players Tata Consultancy Services (TCS), Infosys and Wipro got into the big league by bagging several large deals and growing their consultancy business in the face of competition from the established players from North America and of late, Europe.
As Pradeep Gupta, publisher of Dataquest , said, “After a consistent 30 per cent-plus growth for over three years, this achievement marks a truly a proud moment for Indian IT’s entrepreneurs, as well as the 1.6 million technology professionals who contributed directly to it.”
Most of our clients are from the industry and I rejoice in their celebration. Well done !