In light of the COVID-19 crisis, most organisations have invoked their business continuity plans (BCPs) across the globe. Business activity has either come to a standstill or slowed down significantly as countries have imposed lockdowns, travel restrictions and social distancing norms.
Indian IT & ITeS industry, accounting for 8% of India’s GDP, has also been impacted due to lockdown in key global as well as domestic markets. Major IT & ITeS export markets such as the US and UK have been worst-hit by the global pandemic.
Impact areas and areas of focus for technology
- Client service delivery and contracts as major markets continue to be in lockdown
- Managing working capital, cash runway and cost optimisation
- Employee productivity and enterprise security during work from home
Opportunities and way forward for India’s IT & ITeS industry “Y2020 Moment”
Some of the strategic priorities of the industry could focus on:
- Accelerate reskilling needs for future of work agenda
- Driving digital transformation
- Consolidation and M&A opportunities
The report also includes insights from a recent survey conducted by Grant Thornton, which reveals that majority of mid-sized and large companies anticipate mild impact on existing business in terms of contract renegotiation. However, in comparison, a considerable portion of small companies expect moderate impact with more than 30% and up to 50% contract renegotiation.