The Indian IT industry recorded 19 per cent growth in revenues in the 2010-11

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financial year to Rs 438,296 crore ($96.1 billion).

The growth is a significant recovery for the industry, which recorded just 8 per cent growth in 2009-10 in the wake of the global recession in 2008, which made both global and Indian companies cut back on their IT spending.

The figures were compiled by IT industry magazine Dataquest, the flagship publication of media house CyberMedia, which conducts an annual research study on the state of the industry.

According to the findings, exports accounted for two-thirds (66.4 per cent) of the industry's revenues, while the domestic market accounted for the remaining one-third (33.6 per cent) in 2010-11.

However, revenues from the domestic market experienced higher growth than exports in the financial year. Domestic IT revenues grew by 23 per cent to Rs 147,152 crore in FY'11, while exports clocked 17 per cent growth to Rs 291,144 crore.

While IT services exports grew by 21 per cent in FY'11 (compared to 6 per cent in FY'10) and engineering services exports grew by 22 per cent (compared to 6 per cent in the previous year), BPO exports growth slowed down to just 7 per cent, compared to 13 per cent in the previous fiscal.

Total services exports from India stood at USD 64 billion in FY'11, including IT software/services and BPO.

"The slowdown in 2009 and 2010 made the industry more efficient and mature. With the growth now back, the Indian IT industry can look forward to more depth, innovation and global spread in 2011-12," said Pradeep Gupta, the Chairman of CyberMedia India.