New Delhi: India’s domestic IT market grew by 29% in the 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 information technology magazine Dataquest, published by CyberMedia Digital Limited.
An accelerated 34% growth in 2007-08 FY 08 (as compared to 27% in FY 07) took the total domestic IT market, the survey says, to Rs 99,018 crore in FY 08 - reversing the decade-old trend of export industry growing faster than the domestic market.
”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 FY 08 to report revenues of Rs 288,810 crore. Exports, contributed largely by software and services, which accounted for nearly two-thirds of the industry at Rs 189,792 crore, grew at 27% (compared to a 35% growth recorded during 2006-07).