Archive for May, 2010

Booming Business Sectors in India

May 10, 2010

The information technology IT spend in India is expected to touch US$ 67 billion in 2010, an increase of 14.1 per cent from 2009, according to the research firm Gartner Inc. By 2013, the IT market in India is expected to grow 11 per cent from 2009-levels. The growth will be driven by IT services, telecommunications, software and computing hardware. The domestic IT services sector, at US$ 6.1 billion, accounted for more than 10 per cent of the overall domestic information, communication and technology (ICT) market in India in 2009. It is expected to witness the strongest growth at 17.6 per cent among the four sectors.

The Indian government’s focus on infrastructure projects with IT dimensions will be a strong driver for overall IT growth within the country, according to Aman Munglani, principal research analyst, Gartner Inc. He also added that the growth of India’s Information Technology sector has been driven largely by domestic consumption, with the Indian PC market expected to grow 19 per cent in 2010 and by more than 21 per cent in 2011.

India is among the top four markets in Asia-Pacific, both in size and in its growth prospects for the next five years. The Indian IT security market is forecast to grow more than 20 per cent in 2010. Indian telecommunications services market revenue will reach US$ 41.4 billion in 2013, growing 7 per cent from 2009 to 2013.India’s Telecom sector will grow at a decent rate over long term, said Peter Elston, Strategist at Aberdeen Asset Management. He added that India’s penetration rate although has been growing very strongly.

Fast and moving consumer goods (FMCG) majors, Wipro Consumer Care and Lighting (WCCL) and Godrej Consumer Products Ltd (GCPL) are scripting new strategies to sustain growth momentum in competitive markets encouraged by the fourth quarter results. Wipro Consumer Care has kickstarted operations at its new manufacturing facility in Himachal Pradesh and the FMCG firm has invested around Rs 70 crore to set up this manufacturing unit which is now operational. Godrej Consumer Products, part of the Rs 12,000-crore Godrej Group, is chalking out a three-pronged strategy. It will lay stress on rural initiatives, extension of manufacturing facilities and hike in advertisement budget this fiscal. (Apr 28 – for conversion)

India’s premier electricity museum, CLP Electrodrome, has been inaugurated at the Science City in Ahmedabad by Gujarat Chief Minister, mr Narendra Modi. A joint initiative of the state department of science and technology, Gujarat Science City and CLP the largest foreign investor in the Indian power sector CLP Electrodrome is the state-of-the-art and highly interactive museum of electricity.