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Recession-hit IT industry to recover by mid-2010: Infosys

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CHENNAI: The recession hit IT industry would show positive signs of recovery by mid-2010 and Infosys will diversify into new markets then, a top company official said on Tuesday.

On economic slowdown Infosys Chief Executive and Managing Director Kris Gopalakrishnan told reporters, "It is better to wait and understand that the recovery is real and will sustain. The developed countries have higher GDPs, so they will have a significant impact on recovery."

Infosys is looking at new markets like China, Middle East, South America and Latin America with a host of new services.

"We have launched various new services like software as a service platform for BPO industry. The opportunities which we are looking into are in health care, utility services, government and public sector. There are opportunities in each one of them", he said.

Gopalakrishnan was here to participate in the sixth edition of HR-summit 2009, organised by NASSCOM.

On RBI`s review projecting a 6.5 economic growth, he said, "I believe especially for India, growth (is) coming back. India has not been much affected (due to the meltdown)".

He said despite the country`s growth rate coming down from 8-9 per cent to 5-6 per cent now, it (growth) was starting to pick up, which is a good sign for India. "This will also be a signal to other countries to start seeing some recovery."

He said Infosys was also ready for acquisition across various geographies. "We are open for geographical acquisitions as well as service based acquisitions. The key is, it should happen at the right place at right time."

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