India's share in global IT space to double

A study has shown that India is poised to double its share of the global IT software and services market to 6% by 2008-09.

"India will be well poised to capture 6% share of the global market in services and IT software by 2008-09 as against its present share of 3%.

In next few years, the growth rate of IT and services will be over 45%," the study `India's Cutting Edge in Services' conducted by Associated Chambers of Commerce and Industry of India (Assocham) has said.

The study has said Indians would occupy a leading position in providing services to developed economies like EU and others by 2020 as by then it is estimated that it would have a surplus of 47 million professionals in services and IT.

It also reveals that in services and IT software exports, India will have competition only from smaller countries like Pakistan, Bangladesh, Indonesia and Egypt, which it will conveniently take on as Indians will be enjoying a competitive edge when it comes to providing knowledge-driven services.

Releasing the study, Assocham President, Mahendra K Sanghi said with the increase in the offshore penetration and present annual growth rate of 30% in the IT and ITES service exports, their total exports will exceed $50 billion by the year 2008-09.

Sanghi said, the software and services exports have reached $17.2 billion for the year 2004-05 and the annual growth rate is well over 30%. From a relatively low share of 10.02% in 1995-96, exports of software services occupied 48.9% of India's total services exports in 2003-04.