After nearly a decade of uninterrupted boom, the Indian Information Technology industry finds the road ahead bumpy as 2008 draws to a close, with the global meltdown andfinancial turmoil in the US and other rich countries catching the otherwise resilient sector off-guard. With no signs of early revival, even the top firms -Infosys and Wipro -are bracing for hard times in the year ahead. Recent developments in the US financial markets have had a direct impact on other sectors and on countries across the world. With the current economic downturn across the world, companies would tread cautiously. This is a combination offactors that include India's leadership edge in this space and as a corollary, this has raised the expectations of customers and employers. This paper reflects the impact of global financial meltdown on leading IT industries and includes the strategies adopted by Leading IT company (Wipro & Infosys) in Indian IT market such as acquisitions, looking beyond US Market, more Outsourcing, hiring Strategies for the betterment and growth of the industry.
