New Delhi, April 30 -- The news from India's IT services industry is grim with tepid growth and subdued forecasts capping what has been a nightmarish two years. But if the past holds out any pointers, this may just be a passing shower rather than a signal of climate change.

The latest results of the top four IT companies along with the accompanying commentary do point to a serious slowdown that is expected to continue this year. Slimmer order books and fewer mega-deals add to the gloom, with each of the country's top four IT services companies guiding for a slow start to FY26.

But we have been there before; in the aftermath of the dotcom crash in 2000 and again during the fallout of the financial crisis in 2008 when clients slashed thei...