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Follow UsFlashback to year 2000. Just like life was sucked out of the victims by the 'Dementors', in the magical world of JK Rowling's Harry Potter, all exuberance and gusto was sucked out of the IT industry. What was left was despair and gloom. In the next two years, the industry, like Harry Potter, waved its wand and did the 'Expecto Patronum' to ward off the 'Dementors' of gloom. The spell worked and by 2002-03, the industry was showing signs of reviving. In the next year FY 2003-04, the IT industry posted very strong growth. That year, it was not just the "expected" software industry which grew and increased the average growth, the domestic market too moved hand in hand-to post a 24% growth. The 'Dementors' were nowhere to be seen. While the gloom and doom had given way to joy and enthusiasm, the industry has been waiting with baited breath to see if FY 2003-04's strong domestic growth was not just a fluke.
The results are out. Another year, another great performance. While the 'expected' software industry has once again zoomed to post a 30% plus growth rate surfing on the strong global recovery wave, the domestic industry has upped its previous record. Let's see how the script for FY 2004-05 was written, and how has the industry shaped up in the Year of Growth 2.