Global recession forces cost cutting in IT sector

Global recession trends and weak dollar has hit India's IT industry with many companies resorting to cost cutting measures. The key challenges faced by the industry now are inflation and the psychological impact of the US financial crisis, leading the companies to hit the panic button. Bonuses, perks and many other benefits have gone missing as companies look to cut cost. However, many feel, that the cost cutting is not being done in a democratic manner.