The economic slump’s spreading around the globe and should result in some savings if your IT shop is one that is looking to outsource IT functions to places like India.

India’s big outsourcing firms are reporting a steep decline in revenue forecasts, and they’re also putting the brakes on hiring workers. This spells opportunity for U.S. companies looking to strike deals with these firms — the tighter things get for them, the more likely they’ll be to offer better contract terms and conditions.

And while the economic downturn in the U.S. may have companies looking to outsourcing as a way to trim costs, which may drive up demand for India’s high tech services, these Asian companies are reportedly a bit jittery about the election of Barack Obama as president.

They apparently fear he will encourage policies that make outsourcing a less attractive option and favor the hiring of American workers instead.

That coupled with Obama’s promise to invest heavily in technology development, training and resources could encourage American companies to keep their tech dollars in the United States, rather than spend them with overseas firms.

Tags: contracts, downturn, Economy, India, obama, outsourcing