India's
Information Technology industry is expected to touch the Rs 1.75 lakh
crore mark by 2016, helped by rise in IT services and software segments,
a report by Boston Consulting Group (BSG) said.
"The
domestic IT industry is expected to grow at 12 per cent over next 4
years, reaching a size of Rs 1.75 lakh crore by 2016, driven primarily
by the services and software segments," the BCG-CII report added.
According
to the BCG-CII report on IT enablement of Indian business, the domestic
IT sector was worth Rs 99,700 crore in 2011 with IT services
contributing the largest share at Rs 49,400 crore followed by hardware
(Rs 32,500 crore) and software services (Rs 17,800 crore).
The
report pegs IT services sector to grow at 14 per cent and touch Rs
96,600 crore by 2016 followed by hardware, that is pegged to grow at 6
per cent to Rs 44,400 crore and the software products segment is
expected to grow at 14 per cent to Rs 34,400 crore by 2016, it said.
While
presenting the report, Microsoft Corporation India Chairman Bhaskar
Pramanik said Indian IT industry is expected to touch USD 100 billion in
FY 2012-13, which is approximately 7.5 per cent of GDP.
While
it will continue to accelerate growth from the global market, there is
an opportunity for the IT sector to work closely with the government to
kick-start the economy, Pramanik, who is also the Chairman of CII
National Committee on IT, ITeS and e-Commerce, added.
Speaking
to reporters on the sidelines of the event, Pramanik said the
challenges that IT sector will face are those related to looking for
growth solutions, which are fast, have a shorter time frame and are
financially viable.
On spending, he said more than 50 per cent of the firms have indicated that they will step up their IT spending.
Infosys
Co-founder and President - Designate CII S Gopalakrishnan stressed on
adoption of IT as a transformation tool to help India leapfrog into
higher growth trajectory.
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