Infosys CEO warns of another meltdown

BANGALORE: Cautioning the IT sector against complacency, Infosys CEO and managing director S Gopalakrishnan said on Tuesday the economic situation worldwide is unpredictable and appeared similar to that of September 2008, when we witnessed a global economic meltdown.

In fact, the situation now is similar to what happened in the middle of September 2008 when the collapse of a bank led to a domino effect leading to the whole global economy going into a tail-spin, said Kris Gopalakrishnan.

He said there are lots of uncertainties in the global economic environment now, said a PTI report.

“Every week and every month, we hear about certain challenge in the economic environment. For example, concerns about countries running into turbulence in Europe,” said Kris.

On the UK government's decision to fix a cap on the number of visas issued to skilled workers from India and other countries from April, he sounded non-critical, pointing to the high unemployment rate in that country, and said he was not surprised by the move.

“Most countries which have high unemployment today are looking at some kind of a cap on the number or increasing the cost of visas. It's not surprising because unemployment is staying very high. And there is pressure on governments to do something,” he said.