On 9th July 2021, US President Joe Biden signed an Executive Order to promote competition in the US economy that will not only reduce prices for families and increase wages for employees/workers but also promote faster economic growth. For decades, corporate mergers/corporate consolidation has been on the rise and in over 75 percent of industries in the US, a few of the large enterprises now control more of the business than they did two decades ago. This holds true across sectors such as agriculture, healthcare, financial services, and many others.
“The latest direction from the US administration adds to the growing backlog of digital transformation projects in the marketplace. This bodes well for the Indian IT industry and will further accelerate an already hot market for them,” mentioned Peter Bendor-Samuel, Chief Executive Officer of Everest Group, a US-based IT advisory, and analysis agency. “We believe that the market is at the start of a five-year megacycle as digital transformation and modernization move into its scaling phase,” Bendor-Samuel added.