India is projected to see a fivefold increase in revenues from its IT industry over the next eight years. According to a forecast by Evalueserve, India's IT industry will more than double its share of the country's booming gross domestic product by 2016.
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A report from the market research firm says that India's total IT industry is worth £20.5bn in the current financial year, some 3.8% of the country's GDP. But it projects that this will rise to £100.5bn by 2015-16, representing 8% of India's GDP, which itself is set to more than double.
The analysis also says that the number of IT professionals employed in India will nearly treble in the same period, rising from around 1.3 million to 3.8 million in eight years. That would represent an eightfold increase in the number of IT professionals in India six years ago, according to Evalueserve.
It says, "India has played a key role in driving globalisation of the IT services industry. India is likely to create the second largest IT services labour pool behind the US in the next seven to eight years."
It projects that India's IT professional workforce will be only marginally smaller than America's in eight years, when the US is expected to have 4 million people working in the industry, up from 3.2 million now.
The report adds, "It is clear that the IT industries in both the US and India have become inextricably linked with each other and with the rest of the world. Both the US and India will be importing as well as exporting more IT services and products at least for the next seven to eight years."