Having weathered the global financial crisis storm well, now the Indian IT industry is all poised to witness resurgent growth.

The sun shine industry that has put India on the global map is undoubtedly the Indian IT industry. The industry which contributes around 6% to the country's GDP has grown leaps and bounds since the advent of new millennia and thus become one of the hottest destinations for IT-enabled services. The revenue amassed by Indian information technology sector is estimated to have grown by over 5% to reach $73.1 bn in 2009-10. India has been the preferred destination of IT players across the globe.

Nevertheless, 2009 was the worst ever year for the Indian IT industry. During the year, the IT spending declined by 5.2% approximately. However, economic recession proved to be good for the organizations by making them more efficient. During the FY2009-10, the companies that have been hardly hit by the economic slowdown have rebounded and started reporting profitability during the end of the year. The companies that were affected by recession had witnessed major cut backs on costs and employee front. "To beat the recession, most Indian firms took serious cost-cutting steps such as cuts in salary and variable pay; curbing spend on marketing and long-term R&D and overheads; and even downsizing in few cases," said principal analyst Sudin Apte.

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