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. ''This crisis will present a great opportunity for the IT industry,'' he opined. On India also suffering slowdown in the economy, Mr Ramesh said Prime Minister Manmohan Singh had said the GDP growth of India in the current fiscal year would be between 7 to 7.5 per cent.
7.5 per cent GDP growth would be a great achievement for India in view of the collapsing world economy, he added. ''The Chinese Government has just announced a package of half a trillion Dollars to shore up the economy. Almost all countries in the world are facing the heat of this meltdown because demand is contracting,'' he said.