‘Indian job market is insulated from global economic crisis’

November 16th, 2008 - 4:18 pm ICT by IANS  

New Delhi, Nov 16 (IANS) Companies operating in India are “upbeat” about the economic growth here and the country’s job market is totally insulated from the effects of the global financial crisis, industrialists said here Sunday. “India is a productive market and we are going steady in the region,” British Telecom (BT) Innovate and Group chief technology officer Matt Bross told reporters on the sidelines of the World Economic Forum-India Economic Summit.

The three-day economic summit, organised jointly by the Geneva-based World Economic Forum and the Confederation of Indian Industry (CII) started here Sunday amid fears of recession in major economies of the world.

The UK-based BT, which announced 10,000 job cuts last week, said: “India will not be affected by any of the job cuts elsewhere.”

BT has currently employed over 22,000 people in its business process outsourcing (BPO) operations in the country.

Last year, BT had obtained licence for international long distance (ILD) and national long distance (NLD) services from the Department of Telecommunications (DoT).

Bross said the company expected to post $2 billion in revenues by 2011 from the Asia Pacific region, one of the biggest emerging markets which currently contributes about “just a billion”.

Operating in over 170 countries, BT is one of the world’s leading providers of communications solutions and services. Its principal activities include networked IT services, local, national and international telecommunications services, and higher-value broadband and internet products services.

Meanwhile, global IT software provider CA announced it will invest $30 million for an additional facility in Hyderabad, which will house almost 1,000 people.

As regards the job cuts, CA senior vice-president and general manager (India) Lokesh Jindal said: “We are upbeat about the company’s progress and there will not be any job cuts.”

This investment will be raised from internal accruals, he added.

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