Job cuts in Indian Tech Industry to stop

Author: Neha Dhamija

Infosys Technologies Co-Chairman, Nandan Nilekani said that Indian IT industry will not show any further lay-off as the impact of financial disturbance is expected to go off. The reason he cited was the strong fundamentals of the sector. Experts say that losses incurred due to depreciation of one currency were recovered because of appreciation in another, owing to the fact that most of the companies of IT industry cater to diversified markets.

Nilekani praised the government for the efforts it put in, to save Indian financial markets from the outside turbulence.
	The occasion was the meet of corporates from Japan’s Chamber of Commerce and Industry with that of India. The Indian business delegation was led by Mukesh Ambani, chairman Reliance Industries. Some other names include K.V. Kamath, CEO ICICI Bank and Malvinder Singh. Kamath said that the Indian fundamentals were very much in place and that there was sufficient liquidity in the system. He also said that the hurdles which the Indian banks face are very different from the ones faced by their counterparts overseas. PM Manmohan Singh, in his presentation informed that the Indian Banks were adequately capitalized and the additional liquidity has been provided, after the need to do so was realized.