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Export-oriented small and mid-tier IT companies were able to weather the storm of rapid appreciation in the rupee against the   in 2008 and early 2009, but now they are faced with the stark reality of dwindling orders as the global financial crisis continues to cause a meltdown across countries and industries, the IT & ITeS sector in India is beginning to feel the heat. 

Amid fears of a global recession, companies, especially banks, worst-hit by the credit crisis have already started to cut or delay spending on information technology services such as consulting and software development but in the long term the impact will be minimal as the industry’s fundamentals are strong and the value proposition continues to hold good meanwhile it may be the time to prune down the and ensure cost-efficiency in organization operations.