Despite the slowdown, India is expected to grow at a rate of more than 5 per cent in 2009. It is a 3-trillion dollar economy where the spending on technology in 2009 is expected to grow by 14.1 per cent.

Leading multinational and domestic vendors of technology, recorded growths of more than 50 per cent in their Indian revenues in 2008, according to Springboard Research.

In 2009, India’s spending on technology will be driven by investments made by sectors such as Banking, Financial Services & Insurance (BFSI) – which have found some degree of insulation from the financial crisis due to India's conservative regulators; telecommunications – due to the advent of 3G and an increasing demand among the 600-million rural populace, and the government – which is providing multiple stimuli to drive the economy’s growth back to the 10 per cent per annum levels which India had previously been achieving.

According to Springboard Research’s brief: Indian IT Market Predictions 2009, to counter the slowdown, Indian enterprises will be more focused on their core areas to foster specialization. This will increase their dependence on technology to reduce operational expenditure. Also, the increased use of the internet and IT will continue driving infrastructure requirements thus creating new opportunities in the Indian market.

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