The effect of banking crisis can also be seen in India. According to a report, the future of India’s $ 245 billion i.e. Rs 20 lakh crore IT business process management industry is visible in the balance.
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Tsunami of global banking is moving out of America and now towards Europe and other countries. Its effect can be seen on all the companies at the global level. Whose predictions are being made continuously. A similar estimate is being made for India as well. Experts say that in the tsunami of this banking crisis, India may suffer a loss of business of more than Rs 20 lakh crore i.e. $ 245 billion. Let us also tell you how its effect can be seen on India.
Impact on business of Rs 20 lakh crore
There is a continuous increase in the banking crisis of America and Europe. America’s Silicon Valley Bank and Signature Bank have closed. At the same time, Swiss bank Credit Suisse is trying to save its existence. The governments of both the countries are making all efforts, but nothing seems to be working. Now its effect can be seen in India as well. According to a report, the future of India’s $ 245 billion i.e. Rs 20 lakh crore IT business process management industry is visible in the balance. According to experts, 41 percent of the revenue of this sector comes from banking, financial services and insurance. In such a situation, the income of this sector can be affected due to the collapse of the global banking giants. Because of which banks can put full stop on future deals with their tech budget.
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Which companies may be at loss?
According to media reports, in this banking crisis, the biggest impact can be seen on the country’s big IT companies TCS, Infosys, Wipro and LTIMindtree. Because all these companies have a lot of business with American financial sector companies. According to the founder of HFS Research, the health of local banks in America is very bad. Because of which there is more disturbance in the stomach of those companies, which are providing IT services to them. In which the names of TCS and Infosys can be taken prominently. He says that there is chaos in the entire IT sector. By the way, no response has been received from the IT giants of the country.
Read also: UBS exited India 7 years ago, will enter again on the pretext of Credit Suisse!
Indian IT companies have benefited
According to data from financial advisory firm Celent, North American banks have the highest investment in tech in the retail banking sector globally. In the year 2022, the tech budget of American banks was $ 82 billion, while at the global level this budget was $ 250 billion. Indian IT companies have greatly benefited from BFSI spending in tech. Peter Bender-Samuel, founder of IT consultancy and research firm Everest Group, said companies such as TCS, Infosys, Wipro and LTIMIndtree have exposure to North American local banks through their banking verticals. In the short term, due to this crisis, a negative impact can be seen on the growth of BFSI.
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Who earns how much
According to the NASSCOM report, in the financial year 2023, 41 percent of the IT sector’s revenue came from BFSI. In which the contribution of revenue of North America companies is more than 50 percent. Wipro gets maximum 35% revenue from BFSI. After this, TCS 31.5 percent, Infosys 29.3 percent and HCLTech 20 percent, Tech Mahindra gets 16 percent revenue. The US has seen Silicon Valley Bank (SVB) and Signature Bank sinking earlier this month. To prevent turmoil in the global banking system, the government has asked UBS to buy Credit Suisse.
Source: www.tv9hindi.com
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