Infosys Technologies, the country's second largest software exporter, today said growth in the IT sector will be slower in the wake of the current 'unprecedented' challenges that the world economy is facing but exuded confidence that the sector will bounce back.
"Growth in the IT sector will be slower... There is a overall slowdown which is understandable given the crisis...," Infosys Techonologies co-founder Nandan Nilekani told reporters on the sidelines of the World Economic Forum, which started in the national capital today.
"When we look at the growth of the 4-5 years that is not going to be reproduced... In the current environment, it is definitely not going to be of that nature," Nilekani, who is also the co-chairman of the company, added.
Infosys had earlier scaled down its dollar guidance by about 3 per cent for the full year to 13.1-15.2per cent, perhaps its lowest revenue growth since inception from 19- 20 per cent.
Nilekani, however, said, "I think the IT industry has demonstrated time and again that it is resilient enough to meet the challenges."
We had a similar situation, though not as profound in 2001, but we not only got out of that but took advantage of that. So I am sure the companies are following the right strategies to wait for the things to subside and take advantage of next cycle of growth."
