According to estimates, 2008 will be a big catch-up year for Indian e-commerce.
”E-commerce transactions, which are currently growing at the rate of 30% to 40% in India, are expected to reach $100 billion [this year]," Bikky Khosla, CEO of the B2B portal Tradeindia told the Economic Times.
"With the advent of the Internet, far-flung global markets have shrunk into one small market, breaking [down] the geographical and other conventional barriers involved in trading."
Not surprisingly, a report from IDC projects that India's information technology market will enter a new "growth trajectory" and expand 24% in 2008.
India's overall economy is growing approximately 9% per year, spurring domestic IT spending as companies upgrade computer systems to stay competitive and more and more consumers use the Internet.
Revenue from the domestic IT and outsourcing market will reach 1.1 trillion rupees ($27.9 billion) in 2008, partially offsetting a slowdown in IT spending worldwide, particularly in the US.
IDC analysts expect the 2008 worldwide IT market growth to slow to between 5.5% and 6%, down from last year’s estimated 6.9%.