NASSCOM announced the key findings of the Strategic Review 2007. The highlights of the findings indicate that the Indian IT industry has grown its revenues ten fold in the past decade, from USD 4.8 billion in FY 1997-98 to USD 47.8 billion in FY 2006-07.

According to the report, its contribution to GDP is estimated to have grown from 1.2% to 5.4% in the same period.

"Indian IT industry’s consistent growth in both exports and domestic segments and its ongoing expansion into new potentially high growth opportunities reaffirms the continued confidence and global competitiveness of the Indian IT sector," said Kiran Karnik, president, NASSCOM. "We are confident that the industry will achieve its ambitious target of USD 60 bn in exports in 2010."

Commenting on the key findings of the Strategic Review 2007, B Ramalinga Raju, founder and chairman, Satyam Computer Services and chairman, NASSCOM, said "The industry is perfectly poised to tap new opportunities in the offshoring and domestic segments for greater wealth and IP creation for the country."

The report also mentioned that service and software exports remain the mainstay of the sector contributing USD 31.3 billion and beating forecast to register a 32.6% growth, increasing traction in offshore product development and engineering services is supplementing India’s efforts in IP creation. This segment is growing at 22-23% and is expected to report USD 4.9 billion in exports, in FY 2006-07.

NASSCOM adds that MNC investments reach an unprecedented scale. Over USD 10 billion has been announced in FY 2006-07, to be invested over the next few years.

Service-line expansion is aiding service providers to take on larger and more complex deals, and is driving up the average size of contracts awarded to Indian firms. Indian Service Providers have grown their share of contracts of values in excess of USD 50 million from 1% in 2002 to 7% in 2006, according to the report.

NASSCOM also expects the total IT software and services employment to reach 1.6 million in FY07.

The report will be formally released at NASSCOM’s fifteenth annual summit "NASSCOM 2007: India Leadership Forum", scheduled from February 7-9, 2007 in Mumbai.