Indian IT industry posted a 21 per cent increase in revenue in the year 2003 at $16.4 billion constituting three per cent of the country's GDP, according to IT consultant firm Skoch.

Software exports posted a 30 per cent growth during the year to touch $10.4 billion, it said.

The BPO services during the year posted a huge 71 per cent increase.

The expected upsurge in software exports has happened despite stiff trade barriers existing in the traditional US market, Samir Kochar, CEO of Skoch, said while releasing the annual IT industry review.