If the current growth trend in the IT industry continues, software and IT services will contribute 8 per cent of the country's gross domestic product by 2008, Nasscom president Kiran Karnik said on Saturday.

"The current growth rate is good enough to push the industry to achieve the 50 billion dollar target on software and services exports by 2008 and this would account for 8 per cent of India's GDP growth and 30 per cent of the export revenues," he said at the JCI Business and IT conference.

Currently, the IT sector accounts for 2 per cent of the country's GDP, he said, adding the industry is growing at a CAGR of 50 per cent over the last five years, and last year the industry posted a growth of 30 per cent despite slowdown.

Stating that the current export figure stood at $10 billion, he, however, said the industry now would have to move up towards intellectual property rights in the areas of products.

Former finance minister Manmohan Singh said the government should see to it that proper environment is created for wealth creation.

"There is a need to accelerate the process of wealth creation in the country,” he said.

The IT movement must be carried to all sectors of the economy, Singh added.