The Indian IT and the ITeS (IT enabled industry) hits another major milestone. In fiscal year 2008 (ending March 2008), it is likely to hit revenues of $50 billion. The revenues for the period ending March 2007 was $39.6 billion ($31.4 billion in exports) which indicates that the industry grew by 30% on a year on year basis. (source Nasscom)
Certainly impressive by any standards.
In 2007, the top 3 (Infosys, Wipro and TCS) together accounted for $9 billion while the top 10 IT companies crossed $15 billion. (source Dataquest)
While the growth rates have been impressive, I think the key challenge for the future (as many other observers have noted) is the ability to develop and grow talent. Currently, the industry has to spend a significant money on training and development of new personnel and it is high time that a concerted broad based effort is made by industry, government and academic to solve the manpower crunch.
While Nasscom has repeatedly brought this to the notice of others, there have been little or no initiatives on this front.
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