Bangalore: The country’s domestic information technology (IT) market grew 29% in financial year 2007-08, its growth rate overtaking the IT export market growth for the first time in a decade, according to a recent survey by IT magazine ‘Dataquest’, published by CyberMedia Digital Limited.
An accelerated 34% growth in FY08 (compared with 27% in the year-ago period) took the total domestic IT market, the survey says, to Rs99,018 crore in FY08. “Despite the downturn and the challenging economic climate, the top IT services companies managed to keep growth up and their margins intact,” said Pradeep Gupta, the chairman of CyberMedia Digital Limited.
The overall Indian IT industry grew 29% in FY08 to report revenues of Rs288,810 crore. Exports grew at 27% (compared to a 35% growth recorded during 2006-07).
VW sees most growth in emerging markets
Frankfurt: Europe’s biggest carmaker, Volkswagen AG, said emerging markets will provide the most growth in worldwide sales over the next 10 years, led by economic expansions in India, China and Russia.
India’s market will increase 171% to 4.6 million vehicles by 2018, while China’s will almost double to 14.5 million from 7.4 million and Russia’s will grow by 62% to 4.2 million vehicles, the Wolfsburg, Germany-based company said in a presentation on its website.
Volkswagen reiterated that its sales and operating profit will rise this year as the company delivers more cars.
—Bloomberg
Govt to begin selling wheat locally
New Delhi: India, the world’s second biggest producer of wheat, will begin selling grain from reserves in a week to increase supplies during the festival season. Food Corporation of India (FCI), the country’s biggest buyer of grains, will set the sale price this evening, chairman Alok Sinha said.
The government may sell as much as 6 million tonnes (mt) of wheat domestically between September and March to keep domestic prices affordable, Union food secretary T. Nanda Kumar said in an interview on 18 August.
FCI bought a record 22.5mt of wheat from farmers this year. The nation may have harvested a record 78.4mt in the year ended 30 June, up 3.4% from the previous year, according to the farm ministry.
The company may purchase a record 27.7mt of rice from domestic farmers by 1 October, Sinha said.
The government may hold 6.24mt of rice on 1 October, compared with a buffer stock 5.2mt, the food ministry said 22 August.
FCI bought 26.68mt of rice from farmers as on 18 August, compared with 25.1mt purchased in the year ended on 30 September.
—Bloomberg
Emami launches glycerine soap
New Delhi: Fast moving consumer goods company Emami Ltd has launched a range of glycerine soaps branded as Pure Skin. The product has been launched in south India and the company plans to roll it out nationally by the next year.