'US financial crisis impact in India after Dec'

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Bangalore, Sep 19: The India IT companies may feel the heat of the meltdown of US investment banker Lehman Brothers and crisis in the US financial market only after December, a state official said on Friday, Sep 19.

IT Secretary Ashok Kumar Manoli told mediapersons on the sidelines of a function after releasing CII-KPMG report here that about 35 per cent of revenue of major IT industries comes from Banking Service Finance Institutions (BSFI) world over, with banks in the US having a major share. "It is too early to say about the impact of the crisis on this IT industries in Karnataka, which is the IT hub. However, the companies have said that they had required 'internal' strength and can stand the pressure," he said.

CII Karnataka Chairman S Vishwanathan who is also the MD of John Fowler India said global uncertain economic conditions was bound to affect the domestic IT companies.

"This industry needs all the encouragement and more so to the small and medium enterprises. Extension of STPI incentives was one such measure that will go a long way in assisting IT/ITeS industry," he said.


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