"I feel the crisis has shown that globalisation is not bad but what we need is multiple large markets in the world.
"In the US, if you look at New York and Silicon Valley, it is all doom and gloom. It is like the sky is falling on everybody's head," says Phaneesh Murthy, chief executive officer of iGate Global Solutions in an interview with contributing managing editor Shobha Warrier.
He shares his thoughts on the global economic crisis and its impact on his company, India and the world scenario.
We started getting signals of a global recession 6-7 months ago but for the last four months, there are clear signals that the US is heading to a recession.
The recession has affected our company quite a bit. This is because we were the largest players in mortgage processing, and the whole market collapsed a year ago. And 60 per cent of our business came from financial services. So, we were impacted quite a bit.
Image: Chief executive officer of iGate Solutions, Phaneesh Murthy. | Photograph: Indranil Mukherjee/AFP/Getty Images
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