India’s leading IT service providers, Tata Consultancy Services (TCS) and Infosys, have been affected by the US banking turmoil, as American clients have delayed spending decisions and cancelled projects. Both companies missed growth expectations as fears of a recession and a crisis in US banking led to companies cutting their IT spending. The banking sector is a key customer base for TCS and Infosys, with the US banking industry contributing between 60% and 65% of their business. However, analysts expect the companies to weather any economic crisis, as the Indian IT industry has proven to be resilient in previous recessions.
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