Indian Tech Industry looking at 33% growth

Tech will contribute 5.5% of India's GDP in 2008, up from 1.2% in 1998

The Indian tech industry is expected to generate around US$64 billion in revenues in 2008--a 33 percent growth--while also having a significant impact on the country's economy.

Services and software exports are expected to contribute around US$41 billion with the domestic market generating more than US$23 billion, according to Indian tech industry body, Nasscom.

The Indian tech industry is aiming to hit total revenues for software and services of US$75 billion by 2010.

But Nasscom's 2008 Strategic Review shows the growth of the tech industry has had other benefits other than lining the pockets of India's mega-corporations.

As a proportion of national GDP the Indian tech sector will hit 5.5 percent in 2008, up from just 1.2 percent in 1998. It is also expected to contribute a net value to the economy of up to 3.9 percent.

A BusinessWeek article by tim Ferguson

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