All the sub-sectors of the non-software component of electronic and IT industry grew at over 8 per cent in 2003-04, but this was far below the rate of growth of software services. Overall, after declining precipitously from 61.4 per cent in 1998-99 to 40.9 percent in 2001-02, the share of hardware in this important industry declined only marginally to 38.2 percent in the two subsequent years.
Export markets continue to dominate the domestic segment. The size of the domestic market in software relative to the export markets for Indian software, which was 45.2 percent in 1998- 99, after declining rapidly to 29.8 percent in 2001-02, fell only to 29.1 percent and 27.7 per cent in the two subsequent years.
Value of software and services export is estimated to have increased by 30 percent to US$12.5 billion in 2003-04. The Software Technology Parks of India have reported software exports of Rs. 31,578 crore (US$ 6,947 million) during April - December 2004- 05 as against Rs. 22,678 crore (US$ 4,913) during the corresponding period last year.
According to a NASSCOM-McKinsey report, annual revenue projections for India’s IT industry in 2008 are US $ 87 billion and market openings are emerging across four broad sectors, IT services, software products, IT enabled services, and e-businesses thus creating a number of opportunities for Indian companies. In addition to the export market, all of these segments have a domestic market component as well. The IT-enabled service industry in India began to evolve in the early nineties when companies such as American Express, British Airways, GE and Swissair set up their offshore operations in India.
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