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July 11, 2001
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Money > Business Headlines > Report July 11, 2001 |
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IT industry's turnover to be around $50 billion by 2008BS Economy Bureau India's global information technology and communications industry is projected to generate around $50 billion by the year 2008, thereby, accounting for about 30 per cent of the country's exports and 7.5 per cent of the gross domestic product. Employment in the software industry is projected to rise from 1,80,000 in 1998 to 2.2 million in 2008, and will, thereby, account for 8 per cent of the country's formal employment, according to Human Development Report 2001. "The global outsourcing market is worth more than $100 billion, with 185 Fortune 500 companies outsourcing their software requirements in India alone. India now has 1,250 companies exporting software," the report has said. The industry generated $7.7 billion in 1999, 15 times the level in 1990, and exports rose from $150 million in 1990 to nearly $4 billion in 1999. "By providing information technology education, India's English language technical colleges churn out more than 73,000 graduates a year and by investing in infrastructure (especially high-speed links and international gateways with sufficient bandwidth), the government has ensured the country's place in the new economy world," the report said. These efforts will deliver long-term benefits for human development and equitable economic growth, it added. Powered by YOU MAY ALSO WANT TO READ:
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