The National Association of Software and Service Companies (Nasscom) has estimated the IT exports from India to reach $9.4 billion during 2002-2003 with 48 per cent compounded annual growth rate (CAGR). The global IT market is growing at 6 per cent CAGR during 2002-03.

The IT sector prospered with the technology growth because of Y2K, the emergence of the Internet and e-commerce and the demand from telecommunication and technology companies. The Indian companies began to have state-of-the-art offshore development centres (ODC).

Wipro pioneered both in the ODC model and in quality and became the first PCMM and CMM Level 5 certified company in the world. It has made Six Sigma Quality an integral part of its business operations.

The IT industry has begun to face a slowdown because of the failure of the dotcom business, the 9/11 tragedies and a slowdown in the US economy. India has emerged as a successful and promising destination for outsourcing work.

Nasscom and McKinsey have reported that Indian IT services exports will be $55 billion in 2008 at a compounded annual growth rate (CAGR) of 38 per cent.