How the bankruptcy of Credit Suisse and SVB may affect the Indian IT sector: TCS, Infosys, Wipro
Top Indian IT firms are facing significant challenges as a result of the developing banking crisis in the West, which accounts for up to 40% of their sales from the Banking, Financial Services, and Insurance (BFSI) sector. In the short term, new deals for IT firms may be impacted by the failure of Silicon Valley Bank, Credit Suisse, Silvergate, and First Republic Bank, according to multiple sources. Rajeev Chandrasekhar, the Indian Union Minister of State for IT, actually shares the same concerns. Although he acknowledges that BFSI revenues may suffer, he remains upbeat about the future of the sector. According…