Indian IT sector grows by 28% in 2007-08

According to the annual survey of Nasscom, the Indian IT software industry recorded 28% (currency adjusted) growth, adding up to $52 billion for year 2007-08, up from $39.6 billion last year.

The software services sector too grew by 30%, to earn revenues of $40.4 billion, while the domestic segment grew 26% to register revenues of $11.6 billion.

The survey also projects that the overall software and services revenues will grow by 21-24% (currency adjusted) to touch $50 billion in 2008-09.

The industry is well on track to reach its target of achieving $75 billion by 2010.