Information Technology in India From November – 2008
No doubt IT had its birth in overseas, but its India and we Indians who helped it to grow and touch its peak .This is one such field which gave scope for thousands of talents to enhance their capabilities and make the most out of it.
Now coming to the fact majority of the companies in overseas work on their projects and investments in India, since the value of Dollar sounds 42 times high. For example IBM, Dell, Accenture, Oracle etc.Several Indian Companies like Infosys, Wipro, and Satyam also have their major deals with foreign markets.
The present crisis that brought IT down in numbers evident in sensex listing; what could the reasons be. For a country like India where IT has been a source for existence, how is it able to withstand the downfall? What factors lead to such recession?
History repeats, the downfall of sensex and IT have happened in year 2001, when WTC collapsed. Next was during the time of Harshad Mehta Scam in 1993.Reasons for present downtrend is Inflation. Example, the VAT percentage was 4, six months before, now its 12.5% .So profits of big organizations in overseas are paid back in tax form. Next, small companies which work for months together to make those little profits can no longer sustain with this rise in Inflation.