IT players confident of meeting growth targets

They also feel that the Indian companies will be able to withstand these storms effectively.

Infosys, India's second largest software services exporter said their guidance assumes that the operating margins could be stable for the current year as compared to the previous year.

"We have guided for a 19-21 per cent growth in revenues in US dollar terms as compared to 35.5 per cent last year," said Infosys CFO V Balakrishnan.

Speaking on the issue of whether Indian companies will be able to weather the global volatility, Krishnakumar Natarajan, CEO, MindTree said: "Despite the global volatility, global demand has not seen a sharp downfall. Indian companies will not only be able to cope with the situation, but large Indian companies across sectors will see opportunities in the current global economic situation to grow geographically."

Balakrishnan, however, was a bit more cautious adding that while Indian companies will manage to sail through, "They are not insulated from what is happening around the globe. They will be impacted if there is a global slowdown."

Dwelling on the impact of rising inflation, Natarajan said that rising inflation is a cause for concern and RBI measures such as restricting supply will help bring down inflation in the next few quarters.

"However, regular supply at affordable rate is essential for the economic growth and if the interest rates continue to move northwards for a longer time, it will adversely impact India's economy, which is poised for record growth in the coming years," he added.

Infosys feel that India's GDP growth despite this inflation and tempering of demand by the RBI, the growth could be somewhere between 7.5 per cent and 8 per cent.

"The high inflation which we are witnessing could continue at least for next 6-8 months. Interest rate increase will have lesser impact on inflation. It is more of a demand supply issue," noted Balakrishnan.