Gopalakrishnan also feels that 2013 will be a much better year for the IT sector. "If things do not deteriorate further, nothing untoward happens in Europe or the fiscal cliff in US is managed, I believe 2013 could be a better year," he said.
However, he emphasised that the uncertainty that the sector is facing is still not gone. "We are going to see a period of uncertainty for the next 3 to 5 years," Gopalakrishnan said.
"From a technology perspective, I am very excited especially in the medium to long term. Information technology can still improve productivity, our quality of life significantly with cloud, mobility, social networking and internet," he added.
Infosys, India's No. 2 software services provider, may cut its revenue forecast next month as US business clients defer spending and balk at signing big deals.
The outsourcing icon, which has missed its own revenue guidance in three of the past four quarters, has struggled as its big customers cut costs, and analysts have criticised management for sticking with a rigid pricing policy when competitors have offered more flexible plans.
With about 60 per cent of its business in the United States, Infosys is particularly vulnerable to swings in US corporate sentiment and has been hit hard by spending deferrals.
UBS organised an investor meeting on December 6, featuring Infosys Chief Executive Officer SD Shibulal.
Longer-than-expected client shutdowns due to Hurricane Sandy, especially in the manufacturing sector, were also hurting Infosys, wrote Nagarajan in her report.
Infosys's guidance of 5 per cent dollar revenue growth for the current fiscal year compares with an estimate of 11 per cent for the sector by the National Association of Software and Services Companies, or Nasscom.
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