Of late, customers have turned cautious on IT spending in 2020 due to coronavirus pandemic and minimised spending on legacy services.
In the recent past, the industry’s total revenue declined 6 per cent QoQ during the April-June period, according to the National Association of Software and Service Companies (NASSCOM), as project delivery was affected by lockdowns and demand declined amid business disruption.
For instance, sectors such as aviation and hospitality have suffered severe downturns and have sharply cut their IT spending during the past six months. “We expect the Indian IT services industry to continue to take advantage of its low-cost operations and maintain its strong foothold in the global IT sector,” said Keith Poon, Associate Director, Asia Pacific Corporates, Fitch Ratings.
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