Is India's IT industry affected by the economic crisis?

Indian IT: Trouble Today, but Optimism for the Long Term-India Knowledge at Wharton
A closer look at the customer profile of the Indian IT sector shows why the industry is hurting. The U.S. accounts for 60% of the market and the UK another 18.5%. This is not too different from the respective values of 68.2% and 14.5% in financial year 2003-04. The current global financial problems began in the U.S., and it has been among the hardest hit countries so far. Analyzing the numbers along another parameter -- the verticals -- shows that the banking, financial services and insurance (BFSI) industry accounts for 41% of the business. The percentage has actually gone up marginally since 2003-04. And this sector is at the epicenter of the crisis.

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60% of all Indian IT revenue comes from US. And 41% of all Indian IT revenue is from the financial sector. This information shows how close the Indian IT sector is to the financial crisis. Less the number of fancy financial instruments; less the need for IT development to support them amd more the Indian IT sector is affected.