NEW DELHI: The $5-billionplus Tech Mahindra said that the coronavirus will bring down revenues of the Indian IT industry as international orders will slow down amid the pandemic. The crisis is “much worse from an economic impact” point of view compared to what the industry had suffered during the global financial meltdown of 2008-09.
Also, on-site personnel deployment outside India will come down and software teams will increasingly work out of India, Tech Mahindra MD & CEO C P Gurnani said. “There will clearly be a slowdown. The question is how long and how much? The slowdown is inevitable,” Gurnani told TOI Dialogues in a special series on the Indian IT industry and the impact of the coronavirus.
The Tech Mahindra boss said, “There will be a lag, and that lag will hit the economy. My belief is that it is already hurting us… So, there will be a drop in the revenues.”
Tech Mahindra has over 1.2 lakh employees and gets a large part of its business from markets across Europe and the US, apart from India.
Gurnani said that while the focus on network and services, and media and entertainment will keep the situation under control for Tech Mahindra, there are other…
