Global crisis may hurt Indian IT sector

The Indian IT industry is likely to be impacted significantly by the global financial crisis due to the loss of overseas markets as well as protectionist trends, according to PM's special envoy Shyam Saran.

Saran further said that the sector has been focused on the export market so far. It has not looked at the domestic market as a significant business opportunity.

"Now could be the time to do this. More competitive conditions in both domestic as well as external markets require Indian industry to be more efficient and productive," he said.

PTI