Contracts Fall at Indian Outsourcer TCS.

The article reports the dilemma of Tata Consultancy Services Ltd. (TCS), the largest software exporter by revenue in India, as clients cancel contracts due to global economic slowdown. TCS chief operating officer N. Chandrasekaran said the billing rates for outsourcing projects will surely decline in 2009. Most of the revenues of software companies in India such as TCS, Infosys Technologies and Wipro Ltd. allegedly come from outsourcing work from U.S. and Europe. It was added that TCS is prepared to cut down its manpower utilization.