With business of most of its clients getting impacted by the coronavirus outbreak and likely lower discretionary spending as a result, growth for India’s IT services sector is going to be a big challenge in the coming fiscal, an industry veteran said. There will be impact on Indian Information Technology industry for multiple reasons, former Chief Financial Officer of Infosys Ltd V Balakrishnan said With restriction on movement of people following the scare, Indian IT companies’ ability to deliver services on-site could get severely impacted but that could be addressed to some extent by working remotely, he said. According to him, most of the clients of the industry –airline, retail, oil and gas and financial services– are getting impacted following the coronavirus outbreak. “So, it will have a drastic impact on discretionary spending and some of the digital spending (by clients),” Balakrishnan told PTI.
Growth a big challenge for India IT industry in 2020-21 due to coronavirus impact: Ex-Infosys CFO Balakrishnan
Date posted: Friday 13 March 2020
Tags: India's IT Industry