Indian IT-ITeS revenue up by 33% Union Ministry of Communications and IT, Bangalore, November 26, 2008: The Indian IT-ITeS industry has shown remarkable resilience in the year 2007-08, according to the union ministry of communications and IT. The overall Indian IT-ITeS revenue aggregate is estimated to have grown by over 33 per cent to reach US$ 64 billion in fiscal year (FY) 2007-08 compared with $48.1 billion in FY 2006-07. The total software and services exports is estimated at $40.4 billion in 2007-08, compared with $31.4 billion in 2006-07, an increase of 28.3 per cent. ITES-BPO exports are estimated to grow from $8.4 billion in 2006-07 to $10.9 billion in 2007-08, a year-on-year growth of more than 29.8 per cent. The US and the UK remain the key markets for Indian IT-BPO exports, excluding hardware, accounting for nearly 80 per cent of the total. Markets across Continental Europe and the Asia Pacific are also registering significant year-on-year growth. According to the ministry, the trend towards a broader geographic market exposure is positive for the industry, not only as a measure to reduce risks but also as a means of increasing the rate of growth by exploiting new markets. According to a statement by the ministry, though the IT-BPO sector is export driven, the domestic market is also significant. The revenue from the domestic market is estimated to be $11.7 billion in 2007-08 compared with $8.2 billion in 2006-07, a growth of about 42.7 per cent. BPO demand in the domestic market has witnessed noticeable growth over the past few years. The total IT software and services employment is estimated to touch 2.0 million in 2007-08 as against 1.63 million in 2006-07, a growth of 22.7 per cent YoY. This represents a net addition of 375,000 professionals to the industry employee base in 2007-08. The indirect employment attributed by the sector is estimated to about 8.0 million in 2007-08. This translates to the creation of about 10 million job opportunities attributed to the growth of this sector. The industry has set a target of $60 billion in export revenues and $73 to $75 billion in overall software and services revenues by 2010.