Let’s approach this with data. The IT industry employs 4.5 million people right now. It has an attrition rate of 12 per cent, which means 5.4 lakh people change jobs every year. The big five companies together employ more than 10 lakh and are working at an utilization rate of 85 to 87 per cent. They are cutting out the non-billable senior people, but not letting go of anyone billable as they need them for work and would otherwise have to hire replacements. When 87 per cent of the employees are billed, there is no way companies will let go of revenues. All these companies have said they will grow between six to eight per cent this year. Nobody expects to grow at a slower rate.