Wipro sees no major impact of global slowdown

The outsourcing arm of Wipro, India's No.3 software services exporter, does not foresee a major impact in the near term from the global economic crisis, Nithya Ramkumar, the firm's business technology officer, told reporters on Tuesday. 

Fears of a recession in the United States, which provides India's outsourcing industry with more than half its revenue, dragged down India's IT index as much as 3.8 per cent on Friday to its lowest level since November 2009.

 

Fears of another financial crisis in major markets like the US and Europe has raised concerns of clients cutting their IT budgets, which would impact Indian companies in a major way.
     
Major Indian IT companies earn more than half of their revenues from overseas markets, mainly the US and Europe.
     
Earlier this month, ratings agency S&P downgraded the US credit rating, which heightened concerns about the fallout of the global turmoil on the Indian IT industry.
     

Software body Nasscom has, however, exuded confidence that the Indian IT industry would meet growth target of 16-18 percent growth this fiscal. 

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