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Impressive growth in the software industry

Jun 1, 2000

Indian technology industry clocked an excellent performance during the year both on the export front and in the domestic market. Exports of the IT industry, software, services and electronic sector grew at an impressive growth rate of 35% to Rs 240.3 bn in FY00 over the previous year. The sector contributed 15% to the country’s total export earnings in FY00 (12% in FY99). In FY00, India exported Rs 173 bn worth of computer software and services compared to Rs 125 bn in the previous year. The growth in the IT industry is highest compared to other sectors. The continuing high export performance of the sector is reflective of India’s inherent strength in the knowledge based industries.

Also according to the data released by Confederation of Indian Industry’s Ascon Industry Monitor for April 2000 indicates the impressive growth rate in the software and hardware industry. The tabled below shows the performance of the IT sector against the other sectors in April 2000 compared to corresponding month in previous period.

Particulars Growth rate
Software 50.0%
Cellular 56.0%
Personal compauters 45.0%
VCR, VCP and VCD 45.0%
Colour TV & audio products 30.0%
Passenger car 16.0%
Motorcycles 19.0%
Multi utility vehicles 16.0%

Indian IT industry is still at a nascent stage. With new innovative technology coming up and the intellectual level of the people increasing, the industry is all set to grow. Also its cost competitiveness nature gives it an edge over the other industries. The valuation of the companies in the sector are adversely affected in the past two months which are likely to get corrected with the impressive financial performance recorded by the companies and continuous business development.

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