January 1. 2009; BANGALORE:
First the bad news: IT's back to the future for the Indian domestic Information Technology and IT enabled Services (IT/ITeS) sector. 2009 will apparently see the slowest growth -- 13.4 percent -- since 2003, according to IDC India.
However, some sectors will grow slightly faster -- collaborative apps., storage software, system and networking software.
Now the good news: India will remain the fastest growing market in the Asia Pacific region -- followed by China, Vietnam, Thailand and Philippines -- with a 11.4% growth in domestic IT spend. Telecom will grow faster than this -- at around 19.2 % IDC assures.
In 2008, the domestic market crossed 1000 billion rupees: Rs. 1010.31 billion or Rs.101031 crores, breaking up as Rs 941.85 billion (Rs. 94185 crores) for IT and Rs. 68.46 billion for ITeS ( Rs 6846 crores). Cheers to that.