A survey by Infosys Technologies of its top customers reveals that information technology budgets are being slashed this year, and paints a bleak near-term outlook for India’s outsourcing industry.

S Gopalakrishnan, chief executive of Infosys, India’s second-largest software outsourcing group, said 139 of the company’s clients, representing 83 per cent of its revenue, said they would cut IT spending, some by up to 10 per cent.