Bangalore: The fiscal insecurity in Western Countries may push India’s technological services, is what is stated by the consultancy firm Marcer. It projected that as Europe and U.S. are spending less on tech and getting fewer as well as smaller projects, Indian tech firms may have to hire less and offer reduced salary hikes next year.

It was also stated by Morgans that Asia is not safe too, from this global slowdown. Asia’s trade and financial link with the rest of the world has made it susceptible and defenseless from the global economic trim. The prospects of further fiscal tightening and weaker domestic demand in Europe will translate into weaker external demand growth for the region; which will ultimately lead it to the downfall and this may continue growing below its trend.

India overcame the 2008 crisis well, but this time the country might not be able to fight back the crisis of much lesser magnitude. Against the backdrop of uncertain economic conditions, hiring activities has marginally gone down in November, this year. It’s seen that employment index is positively growing only in Telecom IT and financial services.

India’s fifth largest software exporter, HCL Technologies, said that attrition rates will decline in the coming year, as many companies are planning to hire less and reduce the salary hike. HCL’s hiring strategy has so far been based on project needs and will maintain the ratio 50:50 of fresher and laterals. U.S.-listed IT firm iGate Patni says campus hiring could come down significantly in the next year as it is planning to hire anywhere between 10,000 to 12,000 freshers in 2012 which is much lower in proportion to the revenue growth it expects.