Indian IT companies confident of withstanding downturn

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Even though industries across the country have expressed concerns over the debt crisis in the US, aggravated after the downgrading of its sovereign rating by S&P, Indian IT industry remains confident of withstanding another downturn.

Country’s second largest software exporter Infosys CEO and MD Kris Gopalakrishnan says, “It is too early to say. There are fears of another recession in the US and a debt crisis in Europe, but I believe that the industry will be able to withstand another downturn.”

Leading industry chambers like CII, FICCI, Assocham and FIEO, which represent companies across the country, have expressed concerns over events in the US economy.

The Federation of Indian Exporters Organisations ((FIEO) chief Ramu Deora said, “The downgrading will lead to further appreciation of rupee against the US dollar which is already facing the heat, thereby blunting our competitive edge.”

While most IT companies have expressed caution in the past few months, they also remain confident of being able to maintain their growth momentum.

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