A majority of Indian corporates have lowered their revenue forecasts for this year and are aggressively looking at slashing their operational expenses through cost-cutting measures,including lower salary hikes,a study by Watson Wyatt said.
The survey stated that 57 per cent of the respondents have lowered their revenue forecast for 2009,while 13 per cent are contemplating a downgrade.
However,27 per cent are still maintaining their earlier estimates but only a meagre 3 per cent have raised their estimates for the year,the Watson Wyatt study said.
Watson Wyatt is a global firm,which specializes in dealing with people and financial issues.
The study,which polled 146 decision-makers from top Indian corporates,found that over 70 per cent of the respondents felt that the current economic slowdown would last between 6 months and 18,while 20 per cent felt that it would last beyond 18-months.
Only 5 per cent estimate the slowdown to be over within six-months,the study said.
“The Asia-Pacific region is now looked as the driver of growth and India is expected to contribute substantially next to China,” Watson Wyatt India Managing Director Dhritiman Chakrabarti said.