I read this article on net recently which goes like this
Bangalore: India should look at the possible recession in the US positively as domestic IT companies are more cost effective, Infosys Chief Mentor N R Narayana Murthy said.
“The fact that there may be a slowdown in the US means people will become much more concerned over better value for money…we could look at it as an opportunity,” Murthy told reporters on the sidelines of a function here. According to some reports there would be a possible slowdown in the US economy that can make Indian IT industry to cut IT spending.
As US is the major revenue source for Indian IT companies, a possible recession is being looked at as having a negative effect on the topline, Indian IT majors fear.
However, Murthy disagreeing on any such adverse impact said that instead of an adverse effect, it was more likely that India benefits if the US economy, the world’s biggest, witnesses a slowdown
Not sure if the slowdown is inevitable, memories of 2001 and 2002 just went through my mind for a while. By then I was just out of college and had a big time trouble in finding a job. Also, heard from some of my ex-colleagues working at Dell that many were offered with severance package and asked to resign immediately. Now, it is high time to brace up for new troubles.