India Inc lowers revenue forecasts

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