The ascendency of India as an economic world power

Almost everyday, we can see some news items about the possibility of a global economic slowdown. Recession may be too a harsh term at this moment but there is a lot of worrying among experts. Things are not looking good for the US economy and you know that Indian IT sector is related to the US economy.

AFP wrote:

India's flagship outsourcing industry is grappling with a rupee that rose 12 percent last year -- lowering the local equivalent of every dollar earned -- and a potential recession in its main market, the United States.

"The demand we still feel is strong," NASSCOM president Som Mittal said Friday in the nation's financial capital Mumbai, where the three-day meeting drew IT players from India and around the world.

The sector expects to meet or even exceed its software export target of 60 billion dollars and overall software and services revenue goal of 73-75 billion dollars by 2010, Mittal said in an interview.

Indian people will be happy to note that Indian IT sector might not be badly affected even if there is a global slowdown. Well, one thing can happen. If there is a recession in the US then many jobs may be sent to India for cutting cost. However, in the long run, any global recession will have negative impact on Indian IT sector sooner or later.