IT sector beats the winter blues

The Indian IT sector has always been susceptible to the winter blues. Historically, the third quarter of the fiscal year has meant some stagnation for the industry due to higher furloughs brought about by the year-end festivities. In addition, recession fears looming over Europe and the US, two of the key geographies for the Indian IT sector, added to the gloom of this quarter. And truth be told, we weren't expecting a new year miracle either from the sector. So when the IT big four, namely, TCS, Infosys, Wipro and HCL Technologies, reported double-digit topline growth in Q3, with Infosys leading the pack at 13.7 per cent in constant currency terms, we were taken by surprise. So what fueled the IT sector's departure from the trend of a weak third quarter? Decline in attrition rate Retaining talent has proved to be increasingly difficult for IT companies in recent years. Companies have had to dole out higher pay packages and bonuses to check the rising attrition rates at the