India's IT industry does not need to worry about the current economic downturn as "we have a strong knowledge base" and the established market players in Chandigarh would not be affected, a top industry body official said.

"We need not worry about the slowdown in the US economy. It is all a temporary phase and very soon, the US dollar will reach a stable position," said Nasscom chairman Ganesh Natarajan.

Addressing a chief executives' meeting in Chandigarh, he said despite the global meltdown, the Indian software business is growing at the rate of 21-24 percent every year.

He, however, urged the IT industry leaders to look beyond the US market. "Plenty of opportunities are available in Latin America, Japan, China, Europe and also in some African nations," Natarajan said.

"By 2020, India can alone fulfil the need of technical talent of the whole world. By that time the whole world would need 43 billion technocrats while India will have 47 billion surplus technocrats," he said.

He added that huge investments have to be made to train the available talent.

Referring to a study by Boston Consulting Group, which projected a global shortage of 43 billion people around the world in IT sector, Natarajan predicted a surplus workforce of 47 billion in India, which, if it is skilled, can cater to the global needs.

According to Natarajan, the estate and retail business would feel the heat of the economic downturn. "But our IT sector is safe and would continue to grow," he said.