Indian IT Industry to recover in 12 months: Nasscom Chief
18-12-08, Mumbai/Ahmedabad
Business Standard
In spite of a continuing recessionary trend globally, the Indian IT industry is expected to recover in another 12 months. According to the National Association of Software and Service Companies (Nasscom), the industry will witness slower growth in the third and fourth quarter of financial year 2008-09.
"The Indian IT industry may have suffered from the recessionary trends but it will recover in another 12 months. Moreover, after 12 months, the Indian IT industry will focus more on domestic market and less on international markets," said Ganesh Natarajan, chairman of NASSCOM and global chief executive officer of Zensar Technologies Limited to reporters during the International Entrepreneurship Forum at Mudra Institute of Communications, Ahmedabad (MICA).
Brushing aside the recessionary trends as sentimental and not actual, Natarajan said that the IT industry would still grow though at a lesser pace.
"Recession times help the entrepreneurial spirit to flourish unobtrusively. This is not the time for sentimentalism. The future of business beckons to collaborative techniques and networking of enterprises," said Natarajan.
As compared to India, Natarajan said that the UK and other European markets will recover in 2-3 years while the US will take another 12-18 months to emerge from the current gloomy conditions.
Certain statements in this release concerning our future growth prospects are forward-looking statements which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. The Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
Lavanya Jayaram - Head, Corporate Innovation Group, Zensar Technologies Tel: +91-20-66057851/98817 45380
