India's largest IT exporter, Tata Consultancy Services (TCS) is all set to call back about 20 per cent of its onsite staff in US to India, clearly to cut costs and mitigate impact of global slowdown on its overseas operations. The company is facing low demand with no new contracts from clients across the globe.

According to some confidential reports, the company has conveyed its intentions to shift people back to India following decline in customer requirements and a few contracts in its kitty. However, the company dismissed reports regarding call back of its 20 per cent workforce to India and said, "In the current environment, moving work to offshore locations (to India) is the focus for the company and its customers, as this helps optimize costs and increase operational efficiencies for both TCS and its customers."

A spokesperson of company said, "We are constantly working towards increasing the amount of work done from offshore locations in India and elsewhere. Our effort to increase the amount of work done from locations in India has resulted in an offshore shift of 270 basis points in revenues in the last two quarters."

The company has about 14,000 employees, working on its US operations to deliver services to banking and other financial firms, the sector mostly impacted by global slowdown.

The financial firms, facing heat of global slowdown, have halted their enhancement plans, leaving no option for the company, but to reduce its staff strength in the US market.