No downturn in IT sector: Ravi Shankar Prasad

Union minister Ravi Shankar Prasad on Sunday dismissed the reports of a downturn in the Indian information technology (IT) sector as “completely wrong” and said a good number of people would get jobs in the current financial year.

The sector worth Rs 9 lakh crore today employs about four million (mn) people directly and 14 mn indirectly. The minister said firms like TCS and Infosys had said they would recruit thousands of professionals.

The minister’s statement comes against the backdrop of the media reports that IT firms in India were in the midst of the industry’s largest retrenchment drive due to US