44 percent execs expect Indian economy to recover by 2010
By Eureka Bharali   |   Wednesday, 10 June 2009, 23:37 IST   |    1 Comments
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44 percent execs expect Indian economy to recover by 2010
Bangalore: While the global economic recovery remains a worldwide mystery, the Indian economy is expected to recover by 2010. "In India 44 percent of executives are counting on a gradual recovery by 2010," said Adil Zainulbhai, Managing Director, India, McKinsey & Company. The growing confidence is based on the different aspects that pull India ahead of the others like the country's workforce, higher rate of investment and lower household debt. "India will be the largest working nation with the country boasting of 75 percent of working population," said Zainulbhai during the Nasscom BPO Strategy Summit, 2009. Even the consumer spending is expected to be 15 times more at $5000 per annum. Along with the Indian economic recovery, which is predicted to grow by eight percent, the Indian IT growth too is expected to gain momentum by 2010. The IT growth will deliver on the contributions from both the service and the manufacturing sector. "Currently, the service sector contributes around 60 percent to the GDP, while the manufacturing sector contributes around 21 percent. A country like us cannot depend on services; we rather need to create more opportunities in manufacturing," Zainulbhai said. In the services sector, telecom and the engineering services have seen the highest growth amidst recession. However, there should be a momentum in government policies too for the IT recovery. "The basic needs are more STPI schemes and more investment on technology infrastructure. Government has to invest atleast $100 billion and for that it has to be notified, time and again," said Ganesh Natrajan, CEO, Zensar.

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