IT sectors across the global were one of the worst hit during the latest financial crisis, and although India has been fortunate and not hurt too badly, Infosys founder N. R. Narayana Murthy believes that there is one very important lesson that the country needs to learn from the situation; India's industries and markets need to learn how to strike a good balance between being secure on the financial front and remaining competitive.

"Despite the relative health of the Indian economy, we should be mindful of the fact that the danger of an economic downturn in India has not yet passed and situation could change rapidly", said Mr. Murthy while sharing his thoughts on Friday.

Experts believe that Indian firms operate in a highly competitive environment, which demands that operational costs are kept down at all times, and in the current economic situation, these are faced with scarce resources. Keeping this in mind, the companies need to know how to keep the costs stable and the competition going, despite having limited access to resources, a situation which is bound to lead to a rise in costs.

Mr. Murthy stressed that while India has been very fortunate in escaping one of the worst financial crunches that the world has ever seen, with America and other major economies still struggling, there is no reason why the country should not be prepared for the situation, and the current times are perfect to learn.

While many economies of the world are trying to combat with slow growth and rising unemployment rates, India posted a 6.8% growth in the June financial quarter, a substantial rise from the 5.8% growth recorded for the previous quarter.