Mumbai: 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, including lower salary increases, a study by Watson Wyatt, said here.
The survey said that 57% of respondents have lowered their revenue forecast for 2009 while 13% are contemplating a downgrade.
However, 27% are still maintaining their earlier estimates but only a meagre 3% have raised their estimates for the year, the Watson Wyatt study said.
Watson Wyatt is a leading global firm specialising in dealing with people and financial issues.
The study, which polled 146 decision-makers from top Indian corporates, found that more than 70% respondents felt the current economic slowdown would last between 6-18-months, while 20% felt that it would last beyond 18-months.
Only 5% 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.