IT sector must overcome challenges: Economic Survey
February 25th, 2011 - 7:56 pm ICT by IANS
New Delhi, Feb 25 (IANS) The future of the information technology (IT) sector in India depends on the way it addresses challenges such as increasing competition and infrastructure constraints, according to the Economic Survey 2010-11. Finance Minister Pranab Mukherjee presented the survey in parliament Friday.
“India continues to be the dominant player in the global outsourcing sector. However, its future will depend on how the challenges related to continued competitiveness are tackled,” it said.
The annual report also suggested that the industry pay attention to competition in Business Process Outsourcing (BPO) from other countries and policies in some developed countries like Britain to employ locals.
According to Nasscom, the organisation that represents and sets the tone for public policy for the Indian software industry, the year 2010-11 will witness broad-based growth across mature and emerging verticals.
In 2009-10, while the overall Indian IT revenue grew to $63.7 billion, it is estimated to grow $76.1 billion in 2010-11, translating into a compound annual growth rate of 22.5 percent from 2004-05 to 2010-11.
The industry grew by an estimated 19.5 percent in 2010-11 compared to the moderate growth of 6.2 percent in 2009-10.
- India's per capita income rises to Rs.53,000 - Jan 31, 2012
- Northeastern states lead service sector growth - Mar 15, 2012
- Buoyant Indian IT industry rebounds but remains cautious (2010 in Retrospect) - Dec 30, 2010
- India revises 2010-11 economic growth down to 8.4 percent - Jan 31, 2012
- India revises down economic growth to 8.4 percent for 2010-11 - Jan 31, 2012
- Top 20 Indian outsourcing firms grew 13 percent in 2010-11: Report - Aug 19, 2011
- Indian economy will grow 7-7.5 percent in 2011-12: PM - Feb 03, 2012
- Protectionism will hurt growth: Anand Sharma - Sep 01, 2011
- Indian IT exports to touch $50-billion despite meltdown - Feb 04, 2010
- Survey projects Karnataka's growth at 8.2 percent - Feb 23, 2011
- IT, BPO sector lead job growth in India - Jun 30, 2011
- Delhi records growth in per capita income - May 20, 2011
- Himachal targets 9 percent growth (Lead) - Mar 08, 2011
- Europe, US crisis to hit India's export: Survey - Mar 15, 2012
- TCS sees robust demand for IT outsourcing in new fiscal - Mar 07, 2011
Tags: 1 billion, annual report, business process outsourcing, business process outsourcing bpo, competitiveness, compound annual growth rate, constraints, developed countries, dominant player, economic survey, finance minister, indian software industry, locals, moderate growth, New Delhi, parliament, pay attention, pranab mukherjee, public policy, verticals