S. Ramadorai, the chief executive of Tata Consultancy Services (TCS), the biggest offshore outsourcing company in India, has told reporters at an OECD conference that the offshore outsourcing market is slowing down.

Ramadorai was talking to journalists at the OECD ministerial meeting on the future of the internet economy. He predicted that the industry in India would grow by 20-22 per cent this coming year – compared to about 25 per cent last year.

That’s still not bad, but what I find interesting is that everyone in the industry seems to be talking up the opportunities for offshoring in a recession. Most of the Indian offshoring companies are talking about the opportunities presented by a more cost-conscious business environment. So how come TCS is taking the opposite view?