The Indian Information Technology (IT) industry has been growing at over 25% every year for the last 10 years and it derives over 70% of the revenues from US and Europe. Now with these two regions under severe recession, the Indian IT companies are showing signs of stagnation, with negligible growth in top line.
The top three IT companies have declared lack luster results for the June 2009 quarter, and all three have reported a decline in head count which is a bad sign for the huge Indian educated population.
Indiar IT industry sees stagnation