• 'Indian IT industry safe from global recession'

    Jayesh Limaye, Nov 13, 2008 0940 hrs IST

    Ganesh Natarajan, chairman of Nasscom said that we need not worry about the slowdown in the US economy.

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A top Nasscom official on Monday said that India's IT industry does not need to worry about the current economic gloom as "we have a strong knowledge base" and the established market players here would not be affected.



Ganesh Natarajan, chairman of the National Association of Software and Services Companies (Nasscom) said, "We need not worry about the slowdown in the US economy. It is all a temporary phase and very soon, the US dollar will reach a stable position." He also said that the Indian software business is growing at an annual rate of 21-24 percent, despite the global financial slowdown.

"Plenty of opportunities are available in Latin America, Japan, China, Europe and also in some African nations," he added, urging the IT industry leaders to not be constrained by just US markets, but look elsewhere too.

"By 2020, India can alone fulfil the need of technical talent of the whole world. By that time the whole world would need 43 billion technocrats while India will have 47 billion surplus technocrats. Huge investments have to be made to train the available talent," he added.

Warm and encouraging words during this global economic nuclear winter, but do they really hold water, considering the fact that we are witnessing technology companies laying off staff in the hundreds every other day?


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