Covid impact much worse than 2008 crisis: Tech Mahindra

NEW DELHI: The $5-billionplus Tech MahindraNSE 0.00 % said that the coronavirus will bring down revenues of the Indian IT industry as international orders will slow down amid the pandemic. The crisis is “much worse from an economic impact” point of view compared to what the industry had suffered during the global financial meltdown of 2008-09.

Also, on-site personnel deployment outside India will come down and software teams will increasingly work out of India, Tech Mahindra MD & CEO C P Gurnani said. “There will clearly be a slowdown. The question is how long and how much? The slowdown is inevitable,” Gurnani told TOI Dialogues in a special series on the Indian IT industry and the impact of the coronavirus.