Tyagrajan is quite outspoken and not one to mince his words, Tyagrajan says companies, many of which usually set their growth strategies for the new fiscal year in December, are likely to be conservative with their budget allocations amid shaky macroeconomic fundamentals. Budget meetings begin in December. committees meet. Then they think about plans for next year, about growth numbers. I expect a certain level of conservatism in budgeting, people are being told to save budgets. Then they will prioritize even more,” says Tyagarajan.

Despite any concerns about a slowdown in the US, which contributes significantly to the business of companies like Genpact, Tyagarajan says the economic scenario in the country is comparatively better than in Europe. “Europe is clearly feeling the effects of the recession more severely. Companies see the beginning of next year as a real problem. It seems the UK is already in a recession. So that means consumers will actually shy away a little more. We see that as a narrative in Europe more than anywhere else. In fact, in the US, we haven’t seen a change in the consumer narrative yet. However, customers are very cautious. Everyone does scenario planning. That wasn’t a big issue two years ago. Everyone who plans 6%, 7%, 8% growth also says what if my growth is 0%? In the US, everyone plans what happens, but everyone hopes it never actually happens. So hope is a little better in the US. Energy prices have not risen much,” says Tyagarajan.