India's IT giants brace for sharp slowdown as pandemic boom ends

How about this for a business cycle indicator?

"India's top software exporters are bracing for a sharp slowdown in growth this year as clients in the U.S., their biggest market, cut back on technology spending amid economic uncertainties.

Infosys and HCL, India's second- and third-largest information technology companies, respectively, have said in recent weeks that revenue growth will fall to single digits in the fiscal year ending March 2024 from double digits in the previous 12 months. ..."

India's IT giants brace for sharp slowdown as pandemic boom ends - Nikkei Asia Tata Consultancy Services, Infosys, HCL hit as U.S. clients scale back spending