The outbreak of novel Coronavirus has severely impacted the global economy; disrupting businesses around the world across varied sectors. The virus spread and the corresponding lockdown is fluttering the fears of economic recession.
Over the last couple of decades, the Indian IT industry has been one of the leading sectors contributing to India’s economic growth. It plays an imperative role in fulfilling the aspirational careers of the country’s young & talented individuals belonging particularly from the middle-class strata of the society.
However, according to a few industry analysts, India’s IT services are expected to witness a significant slowdown in growth during this financial year because of the Covid pandemic. The fear can be justified with recent cancellations of several projects of Indian firms by clients across the US & Europe. The US and Europe together account for more than two-thirds of India’s IT exports and are amongst the worst affected geographies by the pandemic which has crippled their economic growth along with shutting down of cities and countries, limitations on-air travel, etc.
It is feared that Covid-19 will significantly impact the $180-billion Indian IT sector, and this time the impact may be worse than the one that affected the world in 2008 in the lieu of global financial crisis.
However, Indian companies can offer their price-competitive services and leverage their core value propositions. India has the advantage of its strong and talented manpower which can work flexibly from any place. India being a core outsourcing hub will soon change its way to offer its expertise in software handling to the world and keep its valuable & worthy sector growing.