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Business Process Outsourcing (BPO) and IT services', will contribute seven per cent to India's gross domestic product (GDP) by 2008, according to a study by PricewaterhouseCoopers. Presently, this sector account for 1.4 per cent of India's GDP.
The study said IT services, products and technology services are projected to grow by 17 per cent to reach revenues of 8.4 billion dollars during 2004-05. By 2008, the domestic software market is projected to grow to 35 billion dollars employing 17 million people while domestic hardware market is projected to be worth 44 billion dollars by 2010.
PWC said India is the second largest employer in IT software and services globally engaging over 6,50,000 people. The study said India is also gaining in venture capital funding in the information technology sector, an indicator of growing confidence in the Indian market.
Venture funding in Indian IT sector grew from 20 million dollars in 1996-97 to 1.1 billion dollars in 2001-02 and by 2007-08 and this figure is expected to be 10 billion dollars.
The study says that multinationals are increasingly gaining in their contribution to total software and services exports revenue from India with a share of 23.5 per cent.
.... Serious challenge to Indian BPO leadership
.... Infosys, TCS and Wipro are top vendors
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