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CEO Pulse Review: Covid-19 Impact on Indian Tech Sector, June 2020

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COVID-19 has generated unprecedented exigency response from organizations and governments. Emergency response readiness has been stretched to limits. Indian technology industry has mobilized exemplary BCP/DR resources to ensure continued business for critical client services world-wide. Yet, the event is unfathomable in scale and impact. To better understand the impact of COVID-19, in April 2020, NASSCOM conducted an industry-wide CEO Pulse survey, followed by a set of detailed interviews, to understand the evolving economic and business outlook, early observations, and strategies being implemented.

Key Findings

In the Short Term, Some Business Volatility is Seen
  • Short-term demand reduction is widely indicated by global clients; while full recovery will be long drawn as the nature of impact remains uncertain
  • More than two-thirds of Tech companies in India expect FY 2021 to be largely centered on recovery and restart
Industry Has Prioritized Cost Optimization Measures
  • Industry moved swiftly to a work-from-home model, although, cost rationalisation is now a key priority
  • Short-medium term cost reduction through cuts in discretionary travel and G&A reduction by restructuring contracts and payments, and short-term hiring halt are being prioritized
In the Medium-Term, Tech Spend Shows a Positive Outlook
  • Tech demand rise, buoyed by need for Cloud, collaborative workplace technologies, mobility, and cybersecurity, is widely indicated
  • Digital deals are likely to increase; and the outlook on tech offshoring is promising
On Road to Recovery, Industry Can Start on Key Imperatives
  • Strategies for the new normal by focusing on new revenue sources and sales models are needed
  • Differentiated partnerships through collaborative investments and co-creation will open-up innovation
  • Fortifying client relevance by becoming the “go-to” digital partner, guide, and problem solver will go a long way

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