India's IT sector to touch $87 billion by 2008: Report

Riding on the growth of software exports, India's IT industry could earn revenues upto $62 billion by 2008-09, according to a report by the National Association of Software and Services Industry and McKinsey..

"India has the world's largest treasure-trove of skilled manpower and is on the way to become a global IT powerhouse," Confederation of Indian Industries (western region) Chairman Sudhir Trehan said at the fourth edition of CII's Information and Communications Technology summit in Pune.

"MNCs are rushing to India to stake claim in the IT outsourcing market. According to the report, these changing circumstances would lead to the country's IT industry touching $87 billion in 2008," he said quoting the report.

According to IBM India Managing Director Shankar Annaswamy for the industry to move ahead it was important to shift towards providing solutions for the industry.

Chairman and Managing Director Zensar Technologies Ganesh Natarajan said the right partnership needed to be created between industry, government and academia.