New Delhi, April 21 India's technology and services industry can earn $225 billion in revenues by 2020 despite the current global economic crisis, says a study released here on Tuesday.

Of this, $175 billion is expected from exports and the remaining from domestic sources, says the study by global consultancy Mckinsey and IT industry body National Association of Software and Services Companies (Nasscom).

The study also says if India and its technology industry focus on transforming its business environment, innovativeness and talent development, the revenues would be as high as $375 billion by 2020.

"This is absolutely feasible," said Noshir Kaka, partner of Mckinsey.

"The future of the industry remains secure in the medium to long term even in the phase of recent macro economic trends," he added.

But the report also has its share of potential risks and warnings:

*India's share in services exports can decline from 51 percent to 40 percent

*The industry could face an employee shortage of up to 3.5 million

*Infrastructure is still ill-equipped to handle an industry five times the current size

*Policies not in tune with the industry's potentials of growth

*Competitive threat is expected from at least 25-30 countries.