Amidst cost cutting and freezing of new recruitments at his company, Infosys Technologies CEO S Gopalakrishnan projected a growth of 15 per cent of the technology sector in 2008-09. This is a drastic reduction compared to last year’s growth rate of almost 30 per cent. “Yes, there is a slowdown in the industry, primarily due to a slowdown in orders,” said Gopalakrishnan. Infosys had scaled down its revenue guidance for the full year by about three per cent down to 13.1-15 per cent.

Gopalakrishnan also said that fresh recruitment will be frozen after the current fiscal year's target of hiring 25,000 is met, apart from meeting specific skill needs. However, the 6,000 people who are currently under training, will be honored. 16-17,000 people were hired by Infosys at the beginning of the fiscal year. Regarding the shifting of IT professionals to the BPO sector, he said it is part of a temporary phase due to the global slowdown. He mentioned Middle East, Latin America, South America, India and China as being growth propellers for the future.