We are hopeful of tabling these changes in the next session and the revised IT Act will be a reality, Mr Raja announced addressing the inaugural session of the three day Nasscom Leadership Summit here today amidst loud cheers.

The consultative process of various stakeholders has been concluded and the feedback incorporated into the enactment. The Ministries of IT&C, Finance and the Prime Ministers Office are deliberating on the final document, he said.

Referring to the most important concern of the IT industry in the country that is of extension of sops for Software Technology Parks of India (STPI) units, Mr Raja said fiscal incentives are being treated on a priority and assured the representatives of the sector that he was hopeful that they would be extended beyond the year 2009. He also mentioned about start-ups and SMEs not having SEZ option.

Outlook positive

Complimenting the sector for its huge contribution to the countrys economy and in providing jobs, he felt that the success of this needs to be replicated in the rural parts of the country. Rural connectivity is still a dream for almost 80 per cent of the population.

The outlook for FY 2007-2008 remains positive with the sector estimated to reach $64 billion in total revenues, including domestic business.

The Chairman of Nasscom, Mr Lakshmi Narayanan, said the pressure to manage costs and deliver solutions at the same or lower price points will continue. The pressure to be more efficient, to increase productivity, improve quality and be agile 24x7 will be the new baseline.

The Nasscom President, Mr. Som Mittal, said that the industry has done well and continues to enjoy good growth prospects and meet the aspirations of achieving $60 billion in exports by 2010. All segments IT services, BPO, services, remote infrastructure management, engineering services and R&D, have consolidated.

Mr Mittal said that the sector now contributes to about 5.2 per cent of the GDP and has played a big role in generation of employment bringing in multiplier economic effect. Nasscom plans to go green this year carrying the message of this movement through various initiatives.

Domestic market

If various players of the industry come together, they could play a much larger role in the domestic market as well. The potential is huge and could open up opportunity for not just domestic hardware players but also international companies, Mr Mittal said.