The Indian technology sector will generate US$50 billion in revenues during the 2007 financial year, according to industry association Nasscom.
Despite predictions that India's tech bubble is about to burst, in terms of revenue, there is little sign of the industry slowing down.
Nasscom's annual survey of the Indian software and services sector found revenues for the 2006 financial year increased by more than 30 percent to US$40 billion, exceeding Nasscom's forecast of 27 percent.
This level of growth is expected to continue during 2007-08 by Nasscom, which predicts revenues to increase by between 24 and 27 percent.
Kiran Karnik, president of Nasscom, said he is confident the body's target of US$60 billion in revenues by the 2009 financial year is achievable.
But he added there will be medium and short term challenges that need to be addressed by the industry, government, academia and Nasscom.
These challenges include rupee appreciation, producing suitable talent, developing infrastructure and creating a positive regulatory environment.
Lakshmi Narayanan, chairman of Nasscom and vice chairman of IT services company Cognizant, said the figures illustrate India's "enhanced role in global trade" and the industry's continuing momentum.
Narayanan added the industry now directly employs 1.6 million people in India--creating jobs for six million more in related industries--and makes up 5.2 percent of the country's annual GDP.
The survey also revealed that TCS, Infosys and Wipro remain the top three Indian software and services exporters.
The survey questioned all Nasscom member companies and is estimated to cover around 95 percent of Indian software and business process outsourcing revenue.
Tim Ferguson of Silicon.com reported from London.
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