What is Indias market share in the global IT business?
Very small and that is exactly why there is so much opportunity to grow. The US accounts for 44 per cent, Europe 28 per cent, Japan 15 per cent. Asia is just 2 per cent. The spending pattern discloses huge scope for rapid increase in IT spending in the coming years. In spite of this, the share prices of Indian software companies have come off by over 50 per cent since mid-February! This is, as I have said in a recent speech, very baffling and looks suspiciously like the handiwork of vested interests who want to jam the growth of our IT sector. The NASSCOM-McKinsey survey anticipates a 15 fold increase in the sector by 2008. Can you imagine what this means in terms of growth and size? In other words, you root for huge growth in the IT sector? Certainly. It is my conviction that we must keep faith in India’s future potential in this sector and not allow the cynics to discourage us. We can easily average a 50 per cent annual growth rate over the next five years. Our IT companies are stron
