IT industry has become Global comment on it
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to hilum kya kare...............
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There have been increasing estimations in the last year or so that the global economy is slowing down. As the world prepares for a recession, a natural phenomenon in a decade-long economic cycle, the global trade wars between the US and China, and the looming Brexit are adding to the uncertainty.
India is in a tumultuous situation as well with a weak economic situation, as indicated by the falling GDP growth rate. High level of non-performing assets (NPAs), NBFC crisis and slow credit growth stand in front of the economy, challenging it to recover stronger in the short term. The flight of over ₹20,500 crore worth of foreign funds from the country’s stock market is also a sign of the bad days for the economy.
If we look at the tech sector, one of the biggest indicators of slowing down is the global semiconductor chip market, which has fallen, plunging 16.8% from June 2018 till June 2019, according to the World Semiconductor Trade Statistics.
What Recession Means For India & Its IT Industry
The global IT services market is predicted to reach $1.031 trillion, with the growth rate slowing to 3.8% in 2019, compared to 6.7% last year. Out of the total IT services market, it is estimated that 30% of that is outsourcing work. Of the total outsourcing market share, Indian companies share is about 60%, converting to more than $180-200 billion in contracts, according to estimates