Last quarter, the Indian IT industry received a wake-up call. Demand has slowed for the first time in two years, but corporations hoped that cost-cutting programs would compensate for deal ramp-downs and cuts in discretionary spending.
According to Peter Bendor-Samuel, CEO at Everest Group, the industry in India is still in a recession mindset, with discretionary spending being cut, cost-cutting projects on the rise, a delay in the modernization movement, and new investments focused on clear and quick paybacks.
