BEAR STEARNS and other financial institutions’ woes, which are really self inflicted, are having their toll on the Indian outsourcing market.
Layoffs at Indian IT firms could be as much as 25 per cent during the year, because of the fallout from the sub-prime crisis.
The Times of India reports that the write off of billions of dollars means a slimming exercise is underway. This, the newspaper rather coyly called “people pruning”. Which parts of the people will be pruned? Fingers, toes, arms, leg? Nope, the whole person.
There will be other kinds of “pruning” the paper said, with jollies no longer the order of the day. Infosys, Wipro and TCS are likely to go further than the others in their “people pruning”. ♣