Is There IT Industry Back To Normalcy?
The Indian IT industry was one of the worst hit by the recession on account of its almost complete dependence on international
markets especially the US and Europe. The freeze on IT budgets by companies association Nasscom initially forecast that IT exports would grow by 22-24% in 2008-09, but as the recession deepened, this was revised down to 16%. For this fiscal, the association making a tentative return. around the world meant that new orders dried up. Industry has projected a mere 4-7% growth to $48-50 billion.
“That phase of drastic downturn is behind us,” says S Ramadorai, CEO of Tata Consultancy Services, and India’s IT Company. “There’s stability now. The deal pipeline is but the time it takes to close a deal remains long. And many encouraging,customers are yet to fully open up their IT budgets.” Ashok Reddy, MD of TeamLease Services says employee rationalization measures have tapered off. The badly hit banking biggest and finance vertical now accounts for a quarter of Team Lease’s open positions.
Left Wing Extremism Gravest Threat To National Security
Indian’s Prime Minister Manmohan Singh described left wing extremism as perhaps the “gravest internal threat” facing India and said there had not been much success in containing the level of violence despite efforts.
“I have consistently held that left wing extremism is, perhaps, the gravest internal security threat we face. We have not achieved as much success as we would have liked in containing it. It is a matter of concern that despite our efforts, the level of violence in the affected states continues to rise,” Manmohan Singh said.
Expressing concern over the volatile situation in the northeast, Manmohan Singh said, “The situation in the north-eastern parts of our country is far from comfortable. In two of the states, Manipur and Assam; current levels of violence give us cause for concern.”