'Domestic IT mkt grew to Rs 918 bn in 2011-12'

NEW DELHI, INDIA: The domestic Information Technology (IT) market has grown 16.7 per cent to Rs 918 billion during 2011-2012, Minister of State for Communications and IT Sachin Pilot said on Friday.

"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," Pilot said in a written reply to the Rajya Sabha.

The minister also said that the aggregate revenue for the IT sector is estimated to cross $100 billion in 2011-12 from $88 billion during previous financial year.

The IT sector has been growing at a compound annual growth rate of 17 per cent during the last five years.

According to Pilot, the contribution of the IT sector to India's Gross Domestic Product (GDP) has increased from 6.4 per cent in 2008 to 7.5 per cent in 2012. The sector has provided employment to 2.8 million people and indirect employment to 8.9 million people.