Indian IT industry grew last year by 31 per cent

IDC SAID the Indian IT industry grew by 31 per cent in 2006 and will expand by 18 per cent CAGR for the next five years.

Revenues in 2006 amounted to RS 1,98,477 crore. A crore is 100 lakh. A lakh is 100,000. An arab is 10 crore.

So, according to IDC, by 2011 the IT industry in India will be worth a cool $100 billion (US billion).

Domestic spend in India in 2006 amounted to RS68,411 crore, a rise of 26 per cent over 2005, and driven by enterprise investment in IT infrastructure, business apps, security products and services, outsaucing and managed services, and by people buying record numbers of mobile phones and other digital products. µ