TCS plans to lay off 12,200 employees, 2% of its workforce, in the biggest cut in its history. IT hiring has dropped 35% YoY. Consumer spending, 59% of India’s GDP, is slowing. Household debt hit a record 40% of GDP in 2024, while retail loan growth fell to 15.3% in June 2025 from 22.9% a year earlier, worsening demand stress.