Data from IT companies’ earnings reports show that BFSI is a major contributor to their revenues.The Indian Union Minister of State for IT, Rajeev Chandrasekhar, agrees that the revenues from BFSI can take a hit, but he is optimistic about the industry’s outlook.
India’s top IT companies, which draw up to 40 per cent of their revenues from the Banking, Financial Services, and Insurance (BFSI) companies, face strong headwinds due to the emerging banking crisis in the West. Many believe the collapse of Silicon Valley Bank, Credit Suisse, Silvergate, and First Republic Bank might end up impacting IT firms’ new deals in the short term.
In fact, the Indian Union Minister of State for IT, Rajeev Chandrasekhar, echoes the concerns. He agrees that the revenues from BFSI can take a hit, but he is optimistic about the industry’s outlook.
