Global financial crisis worked to India's benefit: TCS

Updated on: Friday, April 15, 2011

The global financial crisis had worked to the advantage of India due to its slow and steady development and in the near future for every 10 persons who take up jobs globally, six would be Indians, IT major Tata Consultancy Services Limited said.
The Indian economy had shown signs of improvement and along with it, there were indications that "a lot of technological innovation" was going to happen in the country, TCS CEO and Managing Director N Chandrasekaran said, while delivering the eighth Nani Palkivala Endowment Lecture at SASTRA university here.

India had a "wonderful" software infrastructure and in the field of Integrated Digital Information, the country would become number one in the world, he said.

The top 10 countries that had successfully faced the global economic crisis in the past two years were either fully developed countries or the developing nations, he said.

India's economy was showing healthy signs, with a present growth rate of 6 per cent and it would go up to 10 per cent in another 10 to 12 years, said Chandrasekaran, who also dedicated the SASTRA Hub for Research & Innovation (SHRI), at the university campus.

He added that over the coming years the world faced five major challenges: economic situation of a country, the ageing population, emission problems, prevailing political unrest and terrorism.

In the 1950s, for every human there was 12 acres of land available to live, he said. The figure had dropped to five acres in 2000 and it dropped further to three acres in 2011, owing to the dense population, he said.

He said roughly 16 per cent unemployment prevailed throughout the world and some countries were becoming extremely vulnerable in this aspect. The debts of some countries stood at more than 100 per cent than the total size of their GDPs, he said.

Arguing that the world was growing based on consumer activities, he said for the development of a country like India, the country must create a huge infrastructure for which the funding was necessary.

The first thing India could do was to create educational infrastructure and huge amount of employment opportunities like creating of more roads, ports and aerodromes, he said.

Global financial crisis worked to India's benefit: TCS

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