Indian IT industry to face temporary pause amid Russia-Ukraine conflict
By MYBRANDBOOK
India's Information Technology (IT) service providers are on a wait-and-watch mode to consider taking strategic decisions including shifting service or delivery locations from Eastern Europe to India and the business continuity plans, especially for the clients from Europe, as the conflict between Russia and Ukraine is escalating.
In terms of industry verticals, sectors like banking, automotive, oil and energy, utilities in Europe, especially those which have a fair exposure to Russia, may face supply constraints that could further derail the new deals for Indian IT companies.
It is reported that Europe is the second most important client geography for software service providers from India contributing 20-25 percent of the overall business. 90 percent of this business comes from the Western Europe whereas the Eastern part of the region had lately turned out to be a key strategic delivery centre location where the IT firms had started establishing their presence.
India’s largest IT service company, Tata Consultancy Services (TCS) said, “In response to the unfortunate events unfolding in Ukraine, TCS wishes to inform that we do not have employees or offices in the region (Ukraine). We are monitoring the current situation with great concern. We do understand that some of our associates have family and friends in Ukraine and we are extending all support to them during this crisis.”
A report noted, “Ukraine IT services generated $6 Billion in revenue in 2021 and wanted to increase to $16 Billion in 2025, which could have been 10% of Ukraine's GDP. Now that will be uncertain, and some of that work might be located in other regions, including India.”
Although the existing deals are unlikely to see any major impact on account of the ongoing crisis in Europe, the new deal pipeline may face pressures as the enterprises across the region will rectify their spends and may go slow on the digitization initiatives in the short term.
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