The fundamentals in the information technology sector are strong. I do not see any job cuts,’Nilekani, Member of a business delegation said these words when he met Indian Prime Minister Dr.Manmohan Singh.’At Infosys, we have lowered our growth and graduated from 13-15 percent. There are also other factors like cross-currency,’ said Cofounder of India’s software exporter.Many of the Delegates gave their Own ideas which are somewhat Pragmatic. It is also said that losses on account of a depreciation of one currency had been made up by appreciation in another due to market diversification, where Indian IT industry’s heavy reliance on the US market was slowly coming down. Nilekani also insisted that the global financial crisis was complicated and maintained. As for as Indian government is concerned it had done a great job in handling the situation, even as Dr Manmohan Singh said India has no direct impact of the crisis but a little Ripples of it.
The 20-member Indian business delegation led by Reliance Industries chairman Mukesh Ambani also met with corporate Delegates of the Japan’s Chamber of Commerce and Industry. Delegates including K.V. Kamath, chief executive of ICICI Bank and president of the Confederation of Indian Industry (CII), Malvinder Mohan Singh,Chairman Ranbaxy Laboratoiries, Indias’s largest drugs maker to Daiichi Sankyo of Japan. Kamath said Indian economy so far and in future it continues to be strong and that there was enough liquidity in the system, accompanied by high corporate confidence.