Which of the following is/are not true in the context of the passage? A. The recession severely impacted the US but not India. B. India is trying to depend less on the US as a source of growth. C. The future success of Indian IT firms depends on emerging markets.

Statement A is not true—the passage clearly states India's IT sector was hit by recession (growth rate forecast dropped to 7% from 29%). Statement B is true—India is diversifying to reduce dependence on the US. Statement C is true—the passage concludes that emerging markets could make India's outsourcing future as bright as its past. Therefore only A is not true, making option (2) correct.