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Indian IT industry concerned over global economic crisis

Bangalore, June 20 (IANS) The resurgent Indian IT industry Monday expressed concern over the fragile global economy plunging into crisis again due to sovereign debt defaults in Europe, sluggish growth in the US and emerging economies overheating.

'The economic crisis is not just in India, but the world over. This is a period of concern. If the situation becomes worse, I don't think anybody can predict what will happen,' a top industry executive said here.

Though the Indian IT industry had not seen any impact of the crisis brewing, especially in Europe, Infosys chief executive S. Gopalakrishnan hoped that the lessons learnt from the 2008 global financial crisis would help in tackling the present crisis.

'I am hopeful that the coordinated efforts by the European Economic Forum and the IMF (International Monetary Fund) to address the debt-ridden crisis would get a right response as they did two years ago,' Gopalakrishnan said on the margins of an ICT function.

Admitting that the present crisis was a matter of concern for everybody, including the Indian IT industry, Gopalakrishnan said though economists projected that the post-2008 recovery would be a long drawn out downturn, the situation changed in a short time for better, especially for the developing countries.

'Hopefully, this time also, such concerted effort across nations will happen and we will be able to sustain this recovery. Though we (Indian IT industry) have not seen any impact yet, we don't know the future,' the IT honcho quipped.

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