Mumbai: Information technology (IT) research and advisory company Gartner Inc. said on Tuesday it expects the global IT industry to return to growth in 2010 and grow 3.3% to $3.3 trillion (Rs151.8 trillion). It had earlier seen global IT spending during the year at $3.23 trillion, up 2.3% year on year. Terming 2009 as the “worst year ever” for the industry, the research firm said worldwide IT spending is on pace to decline 5.2% during the year.

—NewsWire18

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TCS order book back to pre-Lehman level

Bangalore: Software exporter Tata Consultancy Services Ltd, or TCS, said orders have rebounded to levels before the collapse of Lehman Brothers Holdings Inc. and projected sales will keep rising for at least two years.

The size of the order book is as good as in the pre-Lehman days, chief financial officer S. Mahalingam said on Monday. Customer contracts are sufficient to drive revenue gains every quarter for the next two-three years, he said. TCS’ projection signals financial companies are increasing technology spending as the global economy recovers from its worst recession since the 1930s. Demand may also improve as profits rebound at banking clients from Citigroup Inc. to JPMorgan Chase and Co. and firms in the US and Europe seek to send more work to India.

—Bloomberg