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 [caption id="attachment_13" align="alignright" width="300" caption="India IT Industry Review"][/caption] 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. [caption ...