This is no ordinary IT slump.

Byline: Rajkamal Rao

B loomberg News recently reported that Infosys lowered its forecast for this fiscal yearai 1/2i 1/2s revenue to Rs 39,580 crore from a July estimate of Rs 40,360 crore ai 1/2i 1/2 a whopping reduction of Rs 780 crore. Ai 1/2It quoted Infosys CEO S.D. Shibulal as saying that the ai 1/2oebusiness environment continues to be challenging.ai 1/2i 1/2

Critics have charged that the problems of Infosys are local to it and that clear differentiation has allowed competitors such as TCS and HCL to do better. Ai 1/2But Shibulal may have been talking about an environment that is becoming increasingly difficult for all the Indian majors to operate in, not just Infosys. Ai 1/2If promise of growth is what drives market performance, the coming years are likely to be a rough ride. The reasons are as follows.

GLOBAL FACTORS

Lower world economic growth: Of the four pillars of wealth in theAi 1/2world, three (the US, Europe and Japan) are facing major …