The quarter-on-quarter incremental revenue growth for the top IT companies based in India, TCS, Wipro, HCL, Cognizant, Infosys and Satyam indicates a sharp slow-down in outsourcing in the last four quarters.

The Everest Research Institute's quarterly report indicates that Europe, which has been considered as one of the key marketsd for the Indian IT outsourcing industry, is now like the most other IT companies, facing slowdown in discretionary spends from US companies, writes Debopriya Nandy.

TCS shows a drop from $26.1 million to $9.3 million, by June 30. In the case of Infosys there was also a decline in earnings. Wipro's revenue fell from $29 million to $7.6 million. Cognizant did somewhat better only falling from $18.4 million to $17.8 million. X