'Indian IT industry capable of surviving economic crisis' | india | Hindustan Times
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'Indian IT industry capable of surviving economic crisis'

India’s IT industry is well-placed to weather the global economic crisis despite decline in exports of such services including computer software for the first time over the years looks inevitable this fiscal.

india Updated: Mar 17, 2009 17:06 IST

India’s IT industry is well-placed to weather the global economic crisis despite decline in exports of such services including computer software for the first time over the years looks inevitable this fiscal.

Indian IT companies, which participated in the CeBIT 2009 in Hannover, expressed confidence that innovative skills of the software engineers and IT professionals along with their ability to adapt to the rapidly changing situation in the markets around the world will help cushion the impact of the global economic meltdown on the industry in India.

Most of the Indian exhibitors in the CeBIT, the world’s largest IT and computer fair, were upbeat about continuing their existing business and forging new partnerships by offering their clients new solutions and services.

“The impact of the economic crisis on India’s IT industry so far has been minimal and the industry has the resilience to withstand the crisis for some more time,” Additional Executive Director of Electronics and Computer Software Export Promotion Council (ESC) D P Gupta, who coordinated India’s participation in the CeBIT, told PTI.

Gupta said if the economic downturn in major markets like the US, Europe and Japan continued for a longer period, then it could have far-reaching affects on the industry.

At present, many small and medium-level IT companies have been hit hard by the crisis because they are not in a position to diversify their products or to find new markets, he said.