IT industry hasn't reduced strategic investment: Infosys

The Indian IT industry, which has grown rapidly due to innovation and low cost products, has not reduced strategic investment despite cutting costs, Infosys Technologies Chief Executive and Managing Director S Gopalakrishnan said here today.

Addressing a session on 'Role of Innovation in an Economic Downturn', organised by CII, he said that IT industry was still on a strong footing and bound to grow with more investment in research and development (R&D).

"We invest more in new services, value additions, new solutions and products, so that even if they don't pay now, they will pay later on. Though radical innovation is time consuming, it will definitely pay in the longer run," he said.

Though Indian Companies were focusing on process innovations, they should switch over to product innovations, he said, adding Universities should also focus on R&D.

Indian companies were also buying companies located in the developed countries. This also helped them market their products globally and would also help to accelerate growth. "They can be successful and make a significant impact if they focus on new products and innovations also," he said.