Sense of crisis for Indian software firms is past

Written by Corporate Bureau | Bangalore, May 30 | Updated: May 31 2008, 06:17am hrs
The global IT outsourcing market was returning to normalcy and the `sense of crisis' about the market among the Indian software companies had passed, according to the joint-chief executive of Wipro's IT business, Girish Paranjpe.

"The deal flow is getting back to normal and funnel is picking up on outsourcing-kind of deals. The sense of crisis has passed. The feeling is that the worst is behind us," Paranjpe told the media on the sidelines of an event at Wipro campus.

While the deal flow from the US and other markets, to the Indian IT sector was getting back to normal, the market scenario for the rest of the current year would be clearer only in the next three months, Paranjpe said.

Paranjpe, who in a recent management restructuring took over as the joint-CEO of the software major's IT business, indicated that the European markets also remained stable. "We have not seen any crisis there (in Europe). Nothing seems to have changed," he said of the business in that region.

Wipro also said that the pricing environment on software outsourcing contracts remained stable. "There are no signs of pressure on pricing," Paranjpe said.

About the depreciating rupee, Paranjpe said that "the sharpness in the fall of the rupee" was not expected by the company.

The company continued to expand its manpower based on business needs, Paranjpe said.

"We watch the trends in the market on a quarterly basis and decide on our hiring needs," he said.

On Friday, Wipro launched an employee well-being programme called "Fit for Life" in its campus.