Leading executives in India’s property and information technology industries gave warning on Tuesday of a severe slowdown as the global financial crisis spills over into one of the world’s most prom­ising emerging economies.

K.P. Singh, chairman of DLF, India’s biggest property group, said some local property companies would fail if market conditions continued to deteriorate. He urged the government to intervene by cutting interest rates sharply and offering tax incentives to rescue a sector facing tumbling prices and a sharp fall in home loan applications.