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Flat or negative growth for Indian IT sector this year, says former Infosys CFO
Bengaluru: India's information technology sector is expected to post either flat or negative growth in 2020 due to the impact of the coronavirus pandemic globally, an IT industry veteran said on Saturday. "Look at the economic activity (globally). Worse than what you have seen in 2008 (global financial crisis). So, clients (of Indian IT companies) are not going to increase spending (on IT) or even maintain the current spending," the former Chief Financial Officer of IT major, Infosys Ltd, V. Balakrishnan told PTI. There will be cut in spending, and could be pressure on pricing because all the major industries including retail and financial services have been adversely impacted, he said, also noting surging unemployment rate in the US.