IT industry will be benefited from global crisis

The Indian IT industry would not only tide over the problem but benefit from it, Union Minister of State for Commerce Jairam Ramesh said . On the sidelines of a function here, he said the manufacturing sector, including steel and automobile industry would face problems due to the current economic downturn. ''But I think the IT industry would ride over the tide and emerge stronger from this global economic crisis as it provides new opportunities for India's IT companies,'' he added.

He said even if the US President elect Barack Obama introduced new taxes to discourage outsourcing, the cost advantages India enjoyed in the IT sector would still be substantial.