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| IT engg services to touch $50 bn by 2020: Nasscom |
| Press Trust of India / Mumbai Nov 17, 2009, 21:57 IST |
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India has emerged as a dominant player globally in providing IT engineering services, with the sector set to touch $50 billion by 2020, a Nasscom-Booz study said.
Engineering services could help add 2 per cent of the gross domestic product of the country, which is expected to keep a growth pace of 7-7.5 per cent over the next 10 years, the study said.
Moreover, a market of $50 billion could help India reap a net economic benefit of $1.22 trillion in view of the downstream opportunities, it said.
"India, besides providing cost-effective solutions, is also being looked at by the global market to play a significant role in providing high-end engineering and cutting-edge technology solutions and products in diverse verticals," Booz and Company Vice-President Vices Sega told reporters here today.
Commenting on the current scenario, he said that economic activity seems to have picked up. The technology firms are back on a hiring spree and mergers and acquisitions are in sight.
However, the country needs to work hard to retain its leadership position in view of the emergence of stiff competition from countries such as China, Brazil, South Africa and Malaysia, Sega said.
The study reveals that India with its young talent pool had demonstrated its ability to reach leadership position from oblivion in the global IT.
Hence it had been able to attract the attention of global clients.
The initial success in creating engineering excellence and product innovation exhibit the India's potential to develop into a hub for global engineering.
The full study findings would be unveiled at the Nasscom Leadership Summit to be held here in February next year.
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