The recent news that US is recovering from a bout of fiscal fall out and the economy on the trails for a upwards surge seems to have brought delight to the Indian IT industry, in particular. The Indian IT industry which had high expectations on its exports wings were facing a stringent drop in their profits after the most developed country started collapsing at all levels. However the industry seems to have a piece of relief over the recent developments. Indian IT Industry that was mainly concentrating on the exports to US, is reeling under a calamity, but hopes revive. Once they were having issues of loss with US, they turned their radars towards the European union. However crisis-ridden Europe put the industry in turmoil. And now the IT industry hopes for the revival too, say experts.

IT India's primary exports were the US markets  and the next in the league were their exports to Europe. As per reliable sources US was making a turn around towards enhanced financial conditions, with the GDP rate picking up to  2-2.5 per cent. Not bad the second markets focused, Europe was also making an internal assessment as to what went wrong with the economy. There is also a general belief that with the US turn around, Europe growth would also might be on the nearest anvil, as per optimists.

Earlier at the end of the last financial year, 'India's exports rose an annual 21 percent to $303.7 billion for the fiscal year 2011/12, while imports rose 32.1 percent to $488.6 billion,' said Trade Secretary Rahul Khullar. He added that, the trade deficit was at $184.9 billion. This statement was given in a special report to Reuters in April. (With inputs from internet-AW AarKay)