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Optimistic: Mr C. Mahalingam, Senior Vice-President, Symphony Services Ltd, speaking at the inauguration of the Business Line Club in SASTRA University in Thanjavur.

Our Bureau

Thanjavur, Oct 22

There is a tremendous scope for the domestic IT industry and the present crisis in the US will blow over in six or eight months, according to Mr C. Mahalingam, Senior Vice-President of the Bangalore-based Symphony Services Ltd..

Addressing the MBA students at the SASTRA University on ‘Turbulence in the IT industry and career opportunities’ after inaugurating the ‘Business Line Club’ activities on ‘campus interface to the corporate world’, Mr Mahalingam said that in spite of the slowdown, the domestic IT industry was doing well.

Domestic market is showing an impressive potential in the country and will become the battleground and the IT industry will bounce back, he said.

He pointed out that the slowdown was a temporary phenomenon and several major IT companies were planning to hire more than 1.20 lakh professionals, both engineers and management cadres, in the near future.

Getting laid off from a company should not be taken seriously and should be considered as if getting a promotion. Things have changed and talented people will always shine anywhere, he said.

Referring to the present crisis in the US, the main cause was due to sub-prime lending and grant of NINJA (no income, no job and no asset) loans to persons without ability to repay the loan. Mortgage-related frauds increased by 1,411 per cent and 25 per cent delinquency rate and over-spending by the people with the money that came from the banks had resulted in the present economic crisis. However, this will not have much impact on Indian IT industry, he added.

Prof N. Anantharaman, Registrar of SASTRA University, said that Business Line’s industry-institution relationship and support would be beneficial to the MBA students. He pointed out that Business Line provided a variety of in-depth information on management, economy and other topics and this would help the management students to a great extent.

Dr P. Vaijayanthi, Dean in charge, School of Management, SASTRA University, in her welcome address, explained the activities of the Business Line Club for the benefit of management students. Ms M. Krithika, a student of the School of Management, proposed a vote of thanks.

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