2008 will be a harvest year for Indian e-commerce, according to B2B portal Tradeindia.

”E-commerce transactions, which are currently growing at the rate of 30 percent to 40 percent in India, are expected to reach $100 billion (this year)," Bikky Khosla, CEO of 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."

Another report from IDC estimates that India's information technology market will enter a new milestone this year and expand 24 percent.

India's overall economy is growing about 9 percent every year, which spurs domestic IT spending as companies upgrade infrastructure to maintain competitive and more and more consumers use the Internet, eMarketer reported.

Revenue from the domestic IT and outsourcing market will reach $1.1 trillion rupees (US$27.9 billion) this year, partially offsetting a recession in global IT spending, especially in the US.

According to IDC analysts, the 2008 worldwide IT market growth is expected to slow down to between 5.5 percent and 6 percent, down from 6.9 percent in 2007.