Whereas in 2008-09, it increased at 16 percent and was at $46.3 billion,' said Bhasin, who is also the chief executive officer of Genpact.

Emphasising on improving skill-sets the work force, Bhasin added: 'At present the IT industry can employ only eight to 10 percent of the total graduates due to their lack of required skills. There is a need for an updated curriculum and industrial training to hone the entrepreneurial skills and talent of our youngsters.'

Talking about Chandigarh, he said the city 'is at par with any other tier-I city, due to its strong social infrastructure, educational facilities and safe environment. This city can become the next Singapore because it has all the requisite elements to attract potential people and to emerge as an IT hub'.

'It can also surpass cities like Pune and Bangalore in terms of industrial growth and employment opportunities,' he added.