The Indian IT industry, which has been facing macroeconomic challenges, might witness a further slowdown in BFSI (Banking, Financial Services, and Insurance) deals due to the recent collapse of Silicon Valley Bank (SVB).
Peter Bendor- Samuel, CEO of Everest Group, told TNIE that the direct impact of the SVB crisis on the Indian IT industry will be modest but the indirect could be more significant. In case of direct impact, this is going to have a negative effect on the high-tech customers, particularly the smaller start-ups.
