Friday, 24 March, 2023

Plans to cut costs by large US banks may affect Indian IT companies

<p>Large US-based lenders and financial institutions&#39; indications of spending cuts and greater credit loss provisioning could have an adverse effect on Indian IT firms, who are already on edge about a potential US recession. Indian IT&#39;s main vertical, banking and BFSI, generated roughly 30% of the $227B in total revenue in FY22. Exporters of Indian software services with exposure to mortgage lending may potentially feel the effects right away.</p>