Country's IT industry grappled with global slowdown and recessionary waves across the world may further decline for the financial year 2009 under global and domestic pressures. The recession hit IT and IT-enabled services industry may grow just at 10.8 per cent to touch Rs 309,573 crore as per recently released report by market intelligence firm IDC.

IDC India Country Manager, Kapil Dev Singh said, "In the backdrop of one of the worst ever global financial and economic meltdown, it is estimated that in 2009, the overall India IT/ITeS industry is expected to grow at 10.8%, which is the lowest in the last five years."

Country's IT industry reported a total revenue of over $57 billion in 2008 which is likely to touch over $110 billion in 2013, witnessing an increase of 13.9 per cent. Mr. Singh further added in the report, "The ongoing global slowdown will definitely have its impact on the Indian IT sector. Despite that the industry is still expected to grow at a CAGR of 11.4% by 2013."

India's hardware and software market is expected to remain under pressure throughout the fiscal despite early signs of recovery in the market. Government's measures and increased spending behavior may take some time to show tangible results in the midst of uncertain economic environment prevailing throughout the world.