IT industry grows to Rs 91800 crore in FY\'12

The domestic IT market has grown 16.7 per cent to Rs 91,800 crore in 2011-12 from Rs 78,600 crore in the previous fiscal, the government said today. \"The growth rate of the IT domestic market is 16.7 per cent in the financial year 2011-12. The domestic market has increased from Rs 786 billion to Rs 918 billion,\" Minister of State for Communications and IT Sachin Pilot said in a written reply to the Rajya Sabha. The aggregate revenue for the IT sector is estimated to cross USD 100 billion (over Rs 5 lakh crore) mark in financial year 2011-12, from USD 88 billion in 2010-11, he added. The information technology sector has been growing at compounded annual growth rate (CAGR) of 17 per cent during the last five years (2007-12), the Minister said. \"The contribution by the IT sector in India\'s GDP has increased from 6.4 per cent in 2008 to 7.5 per cent in 2012,\" Pilot said. The sector has provided direct employment to 2.8 million people and indirect employment to 8.9 million people, he added.