Infrastructure Strategies 2003 is a Network Magazine - IMRB study on IT investment

According to Network Magazine - IMRB survey titled "Infrastructure Strategies 2003", the IT spend in 2003-04 is on the rise again. This year companies plan to spend on an average Rs 493 lakh, indicating a 5 percent increase in IT spending. The major spenders are again the BFSI, Telecom/IT/ITES, and Govt./PSU verticals. The BFSI vertical is registering significant spends; their average budget has climbed from Rs 1,109 lakh in 2002-03, to Rs 1,310 lakh in 2003-04. In Telecom/IT/ITES and Govt./PSU, both major spenders last year, the allotted budget is same when compared with last year. In almost all other verticals, companies are registering a small increase in the budget allotted for IT. In terms of turnover, IT spending in medium-sized companies is expected to grow by 20 percent, while in large organizations the IT budget may actually shrink by 11 percent.