Reacting to the economic crisis in the U.S., National Association of Software and Services Companies (Nasscom) on Monday said the current situation would not have any impact on the Indian IT industry. “Although the global economic environment is a cause for concern, it is not likely to impact the Indian IT industry, in the near-term future,” it said in a statement.

“In recent developments, there has been a downgrade of Standard & Poor's credit rating of the U.S. This has led to a number of projections from analysts and economists indicating the possibility of a double-dip recession in the U.S. economy. The economic crisis in the U.S., unfolding over the last few days, does not have any major bearing on the country's private sector,” the IT industry body said. Pointing out that the global economic environment is a cause for concern, Nasscom said the Indian IT industry was closely intertwined with the global economy, and has a burgeoning domestic market which is equipped to sustain growth.

“Also, the U.S. is, and will continue to be one of the largest markets for us, and in case of an economic slump, we see the Indian IT industry strengthening its partnership with the U.S. customers to build-in greater business efficiencies,” it said. It further said it would continue to monitor the developments in the U.S., and hoped that under President Barack Obama's leadership the U.S. economy would bounce back.