Fiscal 2012 promises to be a watershed year for the industry, as Nasscom said estimated aggregate revenues from the sector are likely to cross $100 billion this year. Of this, about $69 billion will come from exports alone, which clocked a growth percentage of 16.3 per cent over the previous fiscal.
Nasscom, the industry body for information technology services providers, on Wednesday projected an 11-14 per cent growth in IT exports revenue for fiscal 2012-13, while domestic revenues are slated to grow by 13-16 per cent.
“The domestic market for the last couple of years has been growing faster than the exports sector and would continue to be a key thrust area for the industry,” said Som Mittal, Nasscom’s president.
Driven by government spending and a slew of technology start-ups, domestic IT services grew at 16.7 per cent in fiscal 2012, higher than the 16.3 per cent for exports.
The increase in revenue is complemented by a 3 per cent increase in India’s share of global sourcing to 58 per cent in fiscal 2012.
Global sourcing is also expected to lead the way in technology spending, which is estimated to grow 4.5 per cent in fiscal 2013. India-based resources are estimated to account for about 60-70 per cent of offshore delivery capacities across leading multinational IT-BPO players
The growth was driven by a number of factors, among them new business models, services around disruptive technologies such as cloud, mobility, analytics, social media, and verticalized solutions, Nasscom said in a statement.
The industry also contributed to hiring, adding over 230,000 jobs in fiscal 2012. The industry currently employs about 2.8 million people in India alone. It is estimate that Indian IT companies directly employ another 100,000 people in the US and support jobs for another 200,000 people.