Recession - Indian IT firms stand ground

Humpty dumpty had a great fall !! 8 weeks after the big bang announcement by banks in US that recession has finally descended on the globe, Indiann IT firms are yet to bat their eyelids. I am not sure if this is another lull in the storm or that Indian firms have really grown in resilience over the years to take a blow of this magnitude and still do business as usual.

Though all IT firms have announced cautious spend cuts, not one has made a move hinting job cuts and pink slip disbursements. The top 3 IT firms in India have a significant BFSI (Banks and Financial Services Institutions) exposure in US and Europe. That surprises me beacuse if anybody anticipates this recession to dissipate soon, I would disgree 100%. It would be atleast a year or two before we have normalcy restored. So when companies are in for the long haul in a recession like this that can raise eyebrows.

Atleast, I have heard rumors of Infosys announcing options to its employees to go on a 1 year holiday wherein they need to serve NGOs (non govermental organisations) and still take home 50% of their pay. That's something to cheer about during hard times like these !!

Comments

Anonymous said…
This news about the recession is useful to know about its current scenario in India.