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Painting a bleak picture for the Indian IT industry, NASSCOM, the apex body of software and services companies, on Monday revised target for job addition in the sector downwards and it said pay hikes are expected to moderate for next two years, as a fallout of global meltdown.

Pointing out that IT-companies in the country will be more watchfull as the slowdown is expected to last for 12-15 months, NASSCOM President G Natrajan said, “Job addition targets for the national IT-sector has been revised from previous estimate of 2.7 lakh new jobs to 2 lakh.”

Natrajan, who was in the city to attend the sixth convocation function of Nirma University, also said he expected the pay hikes in the IT-sector to moderate and range between 9-10 per cent, for next two years against 15 per cent annual hike in the past.

The total IT-exports from the country till March 2008 stood at 64 billion dollars. “Last year software exports including those from BPOs stood at 41 billion dollars showing a growth of 29 per cent, but this year we expect a growth of 22-23 per cent by March 2009,” Natrajan said.

read at ndtv