Bangalore, Nov 19 : NASSCOM President Som Mittal today said the IT industry which was witnessing a slowdown in its growth rate in the wake of the global economic crisis, will 'spring back' to life after one year.

Speaking to reporters at the NASSCOM IT Women Leadership Summit, here, he said the downturn had impacted the industry. The next four quarters would be difficult and NASSCOM was likely to bring down the projected growth rate for the current year in its meeting in December, he said.

''Indian IT industries would take a call on revising the guidance of the growth rate of the industry in December as it was now evident that its earlier projection of 21 to 24 per cent growth will be difficult to achieve. We will meet next month to make a revision in our estimates,'' he said.

He said despite the drop in revenue growth, the rate would not grow below 15 per cent. This was not as bad as perceived, as at macro level the industry had seen a healthy 30 per cent growth during the last few years.

However, the IT industry will spring back after four quarters.

During the intervening period, there could be a drop in the growth rate but there will not be a negative growth.

On the employment front he said job cuts could happen but there will not be any net industry job cuts. Some companies had pruned jobs but it had not become an industry wide phenomena, he said.