IT industry to grow at 20%: Nasscom

The Chairman of the National Association of Software and Services Companies (Nasscom), Ganesh Natarajan says that the IT industry in the country is expected to clock a growth of 20 per cent in 2008-09, according to media reports.

The global financial crisis has been widening and all sectors including IT and ITES have been affected. It is expected that IT and ITES sector will overcome from the global financial crisis in near future.

In the global IT arena, India is a big player no doubt in that. But the global meltdown hit Indian IT services and ITES services. There are job cuts and cost cut measures have been adopted by companies including IT to bail out from global slowdown.

It is projected that by 2020 the size of IT industry would be reach to $300 billion and the role of India would be significant. The present scenario is a bad patch for India IT industry, as companies have been suffering huge losses.