Dark Impact of Corona Virus on IT Companies
Nowadays, Covid-19 is the most buzzing and booming word to hear. The novel coronavirus or COVID-19 has affected more than 10 thousand people in our country. To stop the imminent spread of the disease, India imposed a nationwide lockdown that has led to crucial changes. On the positive side, the forced limitations have contributed to the cleansing of the environment, which resulted in fewer pollutants in the atmosphere by improving the AQI or Air Quality Index. Moreover, people are connecting with their families and spending quality time together, which brought the happiest times.
When it comes to emphasizing the ugly side, the global outbreak of the pandemic has enhanced panic and despair faster than the virus itself. Despite the impact on health, the biggest challenge faced by the country is in terms of economic policy. There is no denying that the lockdown has hugely hit the daily wagers, vendors, rickshaw pullers, coolies, and other such workers, who have left stranded away from their home and family.
No doubt, the virus has a huge and severe impact on domestic and international businesses across countries and sectors. The result of the dangerous pandemic on the lives of humans is in calculable and eventually, it continues to grow in the world. The consequences of COVID-19 is not only limited to the market, but the supply chain has hindered evenly. Businesses have observed the impact of the pandemic. It has created a ripple effect on the overall economy. Social distancing has become the need of the hour while remote working has been looked down on in the country.
Work from Home for IT Companies
IT companies have demanded their workers to work from home via video conferencing and other collaborating tools. Most of them are testing their systems before they can execute any widespread measure to allow a large number of employees to stay home. But the spread of corona virus to various cities in India could result in shutting down, requiring broader work-from-home (WFH) authorizations. And the truth is, due to less technology and limited resources, half of the companies providing digital marketing services are not proficient in allowing their employees to work from home.
More on, due to the adverse impact of the COVID-19 pandemic, the IT industry in India would notice hiring freeze and senior-level staff taking a 20-25 per cent salary deduction in the year. Most of the firms have lowered their activity of dealing with the global market as the pandemic impedes trade worldwide. The thing may not bode well for India’s IT sector.
How serious is the interruption in the services industry?
We all know, the virus has harmed the revenue growth. Whether it’s mobile app developmentcompany in delhi ncr or e-commerce web development company in delhi ncr, are cancelling or postponing new projects because, first, they cannot invest in complicated services without some form of travel. Secondary, any large initiatives need executive support and energy, which the companies won’t have time to push contracts forward during the next few months. The growth of the industry has fallen from 3-8% for the next financial year.
Due to the Corona virus pandemic, the impact on trading is adverse- India is estimated to be about $348 million and Information Technology (IT) industry has been minimally affected by $185 billion. It is also expected to be a hit of 0.3-0.5% on the GDP in the next fiscal year, and growth in the first two-quarters could be as low as 4-4.5%. The virus is serious and thoughtful measures must be taken to keep everyone safe and healthy. The war against the deadly invisible virus has opened a battlefront, which has pushed the country deeper into crisis and difficulties faced by various migrants workers and daily wagers. It is quite hard to determine what ought to be done as India is facing one of the biggest challenges so far.