Hotels in India that bank heavily on the IT sector, particularly those in Hyderabad and Bengaluru may have cause for a sigh of relief – at least temporarily.
According to newspaper reports, IT companies in India remain positive even though industries across the country have expressed concerns over the debt crisis in the US, aggravated after the downgrading of its sovereign rating by S&P.
While most acknowledge fears of another economic slump in the US and a debt crisis in Europe, they also say it is still early days tell whether the Indian IT scenario will be hit.
The country’s top IT honchos have been quoted as saying that India reacted to the earlier recession rapidly and sucessfully and that they have faith this should another recession hit, the industry will stay afloat. Others said that it might take some time before the macro environment actually impacts the Indian IT sector.
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