Government has asked Indian outsourcing MNCs, hit by slowdown, to explore domestic market, a potential segment that required being to be contemporary of technology, to overcome low demand situation aroused in the wake of global financial crisis.

Commerce Minister, Kamal Nath, while addressing a conference of Software and Services Companies (NASSCOM) in Mumbai, said, "The current global downturn is an opportunity for India's IT industry to look inwards. There is a huge reservoir (of business) to be tapped" across rural India."

NASSCOM said that country is still a home of the world's fastest-growing industries despite unfavorable conditions of market.

The body said, "Factoring in the impact of the global economic crisis in the second half of 2008-09, the industry is expected to grow by 16-17 percent by March 2009 to 47 billion dollars."

Earlier, NASSCOM projected 21-24 percent growth rate for export sector to 50 billion dollars.

Union Commerce Minister said that country's IT segment is not under any threat despite revelation of largest ever corporate fraud done by beleaguered Satyam Chairman B Ramalinga Raju and other top executives of company.

India, with vast, educated English-speaking work force and very reasonable labour costs, would continue to become a favorable destination despite talk of "protectionism" by Obama administration in US. The minister said, "Protectionism (in the US) is just an emotional outburst at present."