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Mr Partha Iyengar

Our Bureau

Mumbai, Feb. 18 The IT industry in India will continue to grow at a rate of 25-30 per cent in 2008, in spite of the current credit crunch in major global economies such as the US, according to analyst firm Gartner Inc.

“There is no concrete evidence at this point pertaining to a cut in IT spend; hence frontline IT firms in India should not see a slowdown in business growth,” Mr Partha Iyengar, Head of Research at Gartner India, told reporters at the Gartner India CIO Summit 2008, here today.

It is estimated that the ICT market in India will grow at a five-year compound annual growth rate of 20.3 per cent to reach $24.3 billion by 2011.

In order to maintain this growth rate, it is imperative for Indian IT companies to address constraints in terms of the employable manpower. Cross-industry hiring of manpower is adding to the current talent shortfall, added Mr Iyengar.

The perceptible slowdown in the US economy should prompt more and more overseas companies to develop shadow budgets for their IT spend, Mr Peter Sondergaard, Senior Vice President (Research), Gartner said. The second IT budget could help the company in decision making if it plans to cut costs going forward.

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