For years, India has been seen as one the most capable economies of the world. However, the scenario is now changing swiftly and India is losing its position in the world economy. According to a latest report, S&P Ratings Services has cut India's outlook to negative from stable.

Presently, Indian IT consists of $101 billion in revenues (Rs 5.6 lakh crore) about 5,000 companies, 28 lakh employees and contributing around 7.5 to the country's gross domestic product ( GDP).

Stats revealed, the collapse of the housing market and ensuing financial meltdown in the US economy is putting nearly 60 percent of Indian IT’s revenues at risk. Further, the still-unraveling sovereign debt crisis in the euro zone clouds are demanding outlook, putting another 25 percent revenues for the sector at risk.

Analysts believe, in the wake of economic slowdown, Indian IT firms should also keep an eye on non-core business operations and find newer verticals to sustain their growth momentum. There are other areas of growth like health and transportation to survive the economic volatility. Presently, IT firms have 15-20 percent of the global market, but they have scope and potential to become much bigger player.

All in all, Indian IT industry should learn to find opportunities in crisis as there is still a long road ahead and no shortage of opportunities for firms that are willing to innovate and adapt.

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