India, Feb. 26 -- India's USD 245-billion IT services sector is staring at its weakest financial years, and a downturn in spending among telecom and tech clients is not helping.

The second week of January this year confirmed a bit of unwelcome news for India's mammoth Information Technology (IT) services industry. As weak macroeconomic sentiments persisted, the bellwether indicator of technology spending in India was heading for one of its weakest financial years in recent history. Even as Tata Consultancy Services (TCS) and Infosys look at a flat FY24, and Wipro heads for a considerable decline, HCL Technologies remains the only company that could post any meaningful growth for the year.

Data collated by Voice&Data for this report show...