No IT job cuts or bank lendings in India: Business honchos

Tokyo, Oct 22: The recent lay offs in the aviation sector and the buzz of a slump in the IT sector, have sent shivers down the backs of the working class, but Nandan Nilekani, co-chairman and co-founder of the Bangalore-based Infosys Ltd. told ANI there is no need to worry.

"We have already said the growth will be lowered at Infosys. We have lowered the guidance of the year of 13 to 15 per cent, but part of that is cross currency. But fundamentally, I think, there is growth and there will be jobs in the industry," Nandan said.

"As far as the situation in India is concerned, it is not really a crisis situation. What is required is just a little adjustment in the monetary policy context in pumping liquidity. This is not the liquidity pump in by the state. This is the liquidity, which is held back for purposes of inflation, combating that liquidity is released. Probably, there will be some more in terms of interest cuts, one we have already seen, we will see some more steps," he added.

The Managing Director and CEO, ICICI Bank, India, K V Kamath said: " I think the steps taken globally is making the wheel of banking start to move. In India, things have been much better because we do not have the challenges that western banks had. I guess that domestic banks will be able to support growth to the extent necessary. For example, the Indian bank system is lending to each other and corporates without cutting on commerce.

Meanwhile, the second meeting of the India-Japan Business Leaders Forum began here amidst a deepening global financial crisis.

Business leaders from both sides will deliberate on the crisis. They will also discuss possibilities of economic cooperation, especially implementation of the Comprehensive Economic Partnership Agreement (CEPA) and a Free Trade Agreement (FTA), which will help streamline trade between both countries.

India is being represented by a business honchos like Reliance Energy MD Anil Ambani, Ranbaxy CEO Malvinder Mohan Singh and Infosys MD Nandan.

The Chairman of Nippon Keidanan, the Japanese business forum, is leading the Japanese side. Later in the day, Dr. Singh will be co-chairing the meeting. (ANI)

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