Bangalore: Infosys Technologies, India’s second-largest software services exporter, expects muted IT industry growth this year as global economic turmoil crimps technology spending, its chief executive said on Friday.
“The consensus opinion is that worst is over but it doesn’t mean that the recovery has started. We are at the bottom,” chief executive Kris Gopalakrishnan said.
Infosys forecast its first decline in annual revenue in April as global demand for outsourcing slowed in a harsh economic climate, halting growth for India’s once burgeoning technology services sector.
India’s $60 billion IT outsourcing sector, which provides services from software coding to managing computer networks and call centres, faces weak demand and rising competition from global rivals such as IBM and Accenture.