IT industry growth in FY10 to be muted: Infosys

IT industry growth in FY10 to be muted: Infosys
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First Published: Fri, Jun 12 2009. 11 56 AM IST
Updated: Fri, Jun 12 2009. 11 56 AM IST
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.
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First Published: Fri, Jun 12 2009. 11 56 AM IST