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RIPPLES OF GLOBAL CRISIS IN INDIA

Article from: The Hindustan Times Article date: November 03, 2008

Report from the Assam Tribune brought to you by HT Syndication.

Guwahati Nov. 03 -- Continuous slide in stock markets, steep inflation, unabated fall in rupee for dollar, a recessionary trend in manufacturing, infrastructure and service sector industries, increasing threat to employment and downward revisions to growth in Gross Domestic Product (GDP) to which Indian economy is today subjected are certainly the rippling effects of global economic meltdown- primarily triggered by the failure of giant US financial institutions. The like of world depression days of 1930's, the ongoing plunges of ...

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US Slowdown Hits India's IT Sector Hard

Posted Aug 20, 08 10:00 AM CDT in World,  Technology,  Business 

US Slowdown Hits India's IT Sector Hard
Source: AP Photo

(Newser) – The credit crunch that has shifted the US economy into neutral has slowed the growth of India’s tech sector, which once boasted growth rates of 40% in the overall strong economy, the Wall Street Journal reports. The slowdown comes as the sector faces increasing competition from abroad and rising labor costs at home, and a weak dollar eating into profit margins.

And while analysts still predict 20%-25% growth for the sector in the next decade, India’s tech companies—like Tata Consultancy Services, Winpro, and Infosys—already are looking for new outlets to maintain their revenue growth. Executives are aiming to shift their outfits from merely sources of cheap, outsourced labor into hubs of innovation.

More about:  credit crisis • India • technology • weak dollar • outsourcing • Tata Consultancy • Infosys

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(Newser) - Most Indian call center employees develop a fairly utopian view of the US, which seems a land of brand-name splendor and plenty. Not so at Aegis BPO Services, a call center specializing in debt collection, where employees are getting an up-close and personal look at the credit crunch. “It’s like people are totally drowning,” said one caller. “There has just been years of overspending and now: the crash.” More »

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(Newser) - Infosys saw its profit go up 25.6% int the October to December quarter, the Indian company said Friday. It credited tax refunds and new outsourcing jobs: the company added 47 clients, including an unnamed European bank and a global brokerage firm, reports AP. Infosys raised its 2007 revenue forecast slightly, but not enough to match investors’ expectations, and its shares dropped by 1.3%. More »

More about:  India • Asian markets • software • outsourcing • Infosys

India Tech Consultants Snag Giant Deal

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