Impact of COVID-19 on IT Sector
The outbreak of Covid-19 has severely impacted the global economy, with obstructing businesses across distinct sectors around the world. The spread of the virus now has led countries into lockdown, worrying about the economy of a reversal. As the virus significantly touches most established countries, its impact on India is relatively low than others but has a larger impact on the country’s businesses and economy. India’s software and services exports gained 8.1% to $147 billion in the fiscal year 2020, according to the National Association of Software and Services Companies. In the neighboring future, IT companies could touch the heat of pricing obligation, revenue loss because of lockdown (in India and all countries globally), customer bankruptcy, and slower client decision making led by lower discretionary spending,” wrote Devang Bhatt at brokerage ICICI Direct. Although the country’s nearly 55 percent of electronics brought from China, these have now fallen into 40 percent due to t...