New Delhi, July 8 -- Barely four years ago, Tata Consultancy Services Ltd (TCS), the bellwether of the Indian IT industry, was delivering double-digit growth despite its scale. Fast forward to the present, and the picture looks a little gloomy.

The company reported its first revenue decline last fiscal year and three quarterly revenue contractions over the past eight quarters, amid mounting concerns over AI-led disruption and slowing client spending. The timing could hardly be worse, as this may have been Indian IT's rockiest start to the year since the turn of the century, with AI-centric firms announcing new advancements in their AI models every two weeks.

Heads of Indian IT, including TCS chief executive K. Krithivasan, admitted to r...