Mumbai, Sept 07: Wipro chief Azim Premji on Saturday said India's software exports are likely to touch $ 50 billion by 2008, accounting for 35 per cent of total exports and seven per cent of country's GDP. "India's IT industry is worth $16 billion and accounts for 3.2 per cent of GDP, significantly short of potential. The software exports are likely to touch $ 50 billion by 2008", Premji said at the second India-Asean Business Summit.

Predicting a future course for IT industry, he said 90 per cent of software exports would take place in services and only 10 per cent in IT products.
The IT sector has generated enormous employment opportunities and has employed about 40 lakh people directly or indirectly, he said, adding IT spending in US is about 5.6 per cent while it is only a fraction in India. Bureau Report