Hyderabad, Feb 11 (UNI) Dismissing fears of impact of global slowdown on IT Industry, Tata Consultancy Services (TCS), India's largest software company, today asserted that there was ''no impact'' on the technology sector.
''It has been business as usual,'' TCS Chief Executive Officer and Managing Director S Ramadorai said when asked about the impact of global slowdown on Indian IT Industry. However, he admitted that there were reports and concern (on global slowdown), but maintained it did not impact technology segment.
Mr Ramadorai also dismissed reports suggesting TCS had given 'pink slip' to about 500 employees because of global slowdown and appreciation of the Indian rupee impacting on its profits and margins.
''This has been happening over a year and at about 40-50 persons are laid off a month because of efficiency factor,'' he claimed.
''The media has distorted the facts and blown it (the retrenchment issue) out of proportion,'' he alleged at a media conference here.
''We have given letter (of appointment) to 22000 freshers, 4000 of whom are at Hyderabad,'' he added.
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