The Indian IT Industry is the driving force behind the booming economic growth and employment in the country. The business slowdown initiated by the pandemic resulted in the IT sector in India witnessing massive layoffs, pay cuts and hiring freeze.
Most Indian IT services giants such as Infosys, Cognizant, Tata Consultancy Services and Wipro who happen to service the US retail sector, because of the pandemic, have been facing a major slump in business for quite some time. Now these US retail companies are planning a hefty cut in their IT services budget which, in turn, will definitely further hurt the Information Technology companies of India.
The next three to four months overall IT support budgets of US retailers could drop by 50%-70% as most of them are looking to shift to aggressive cost-cut programs. The adverse effect of the US retail Industry has started impacting the IT industry in India.
Hopefully, the world will recover from the shocks of massive loss of business, livelihood and life due to this pandemic and its aftermath. However, as the experts say the world will never be normal again and social distancing, touch less services, restricted travel ,work from home etc. will be the new normal.
