One immediate action in dealing with the present economic challenges for most business enterprises, domestic and multinational is cost-cutting, lowering and re-appropriate the budget.

Even the CEOs, particularly those in India, are taking between 15 to 20 percent salary cuts, the proverbial tightening of the belt.

And not only the salaries are decreasing in India Incorporated.

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2009 is peering out of the corner and perhaps now is the time, more than any other time, one or a company must review and prepare for the new challenges that the new year would bring to avoid risks and reap the possible rewards.

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According to global business analyst, IDC– the sum value of the top 100 outsourcing deals worldwide in 2007 is USD58.6 billion;  39.2 percent lower than 2006.

And the number of outsourcing deals that amount to USD 1 billion or more: “mega-deals” have decreased from 29 in 2006 to 14 in 2007.

What could this mean?

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