The chart shows how foreign exchange inflows from information technology (IT) services have tapered off sharply. While year-on-year growth in the June quarter is positive, at 1.06% it is nothing to write home about.

The sector has been a very big source of employment and its stagnation spells bad news for employment, especially among educated youth.

Needless to add, services and real estate catering to this sector have also been affected.

Incidentally, the balance of payments data show that while gross inflows in the June 2017 quarter are higher than a year ago, net inflows are not.

That is because there has been a rise in foreign exchange outflows on account of computer services.