Indian IT market revenue set to grow 24 pct: report

0 Comments | AFP, January, 2008

BANGALORE, India (AFP) — India's information technology market is poised to expand 24 percent in 2008 as it enters a new "growth trajectory," an industry report said Tuesday.

Revenue from the domestic IT and outsourcing market will touch 1.1 trillion rupees (27.9 billion dollars) this year, offsetting a slowdown in IT spending worldwide, according to the report by market research firm IDC.

"The industry is now onto a new growth trajectory," IDC India country manager Kapil Dev Singh said in a statement.

But the firm warned that global IT spending would drop, with the US market of particular concern.

IDC forecast that worldwide IT market growth will slow to between 5.5 percent and six percent from 2007's estimated 6.9 percent.

India's booming...