Follow Us:
Monday, August 08, 2022

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.

Subscriber Only Stories
ExplainSpeaking: What RBI’s surveys tell about India’s economyPremium
What Opposition states want: More IAS officers, MSP guarantee, GST exempt...Premium
Jal Jeevan mission: A Maharashtra village holds a lesson for the rest of ...Premium
From Nalanda ruins, ‘university of future’ is ready with new campus, coursesPremium

TWO IS ALWAYS BETTER | Our two-year subscription package offers you more at less

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest News Archive News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
First published on: 27-02-2009 at 11:51:16 am

Featured Stories