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IT services business to slow: Infosys

Infosys expects IT services business to be slow in the future as clients delay tech spending.

Written by Reuters | Bangalore |
February 27, 2009 11:51:16 am

Infosys Technologies,India’s No. 2 outsourcer,expects IT services business to be slow in the foreseeable future as clients delay technology spending amid the global economic crisis,its chief executive said. Nasdaq-listed Infosys would also hand out minimum wage rises in April to its staff,Kris Gopalakrishnan said on the sidelines of an industry conference on Friday.

“This is going to be a prolonged downturn,” he said referring to the global economic slowdown.

India’s large pool of English-speaking engineers and cheaper wages have helped attract outsourcing from Western firms such as Citigroup,General Electric,Qantas and Airbus.

But a recession in the United States,which accounts for more than half the sector’s revenue,and turmoil in the global financial sector have halted the sector’s scorching pace of growth and battered stocks.

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First published on: 27-02-2009 at 11:51:16 am

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