India’s IT industry is facing an unprecedented crisis and it’s difficult to forecast as to how long the current global economic downturn would last,Infosys Technologies Co-Chairman Nandan M Nilekani said on Monday.
“Certainly,we have been facing unprecedented crisis. It’s difficult to predict how long the economic downturn will continue”,he said delivering a lecture on “India at the crossroads: The choices before us” at the Institute of Social and Economic Change (ISEC) in Bangalore.
He said Indian IT sector was not seeing job buoyancy now compared to previous years due to global economic downturn.
“The Indian IT industry has grown from USD 50 million in 1991 to USD 40 billion today and the last three-four years… the compounded growth rate was 30 per cent and more and now it is reduced to 20 per cent due to economic slowdown”,he said.
Nilekani,who delivered the Dr V K R V Rao Memorial Lecture to celebrate the Founders’ Day at the institute,said the IT economy grew rapidly when the global economy was growing rapidly. But with the changed economic scenario,all sectors of the economy,including IT and financial sectors,have been adversely affected.