Economies across the globe have come to a standstill due to the Corona Crisis. Even the Governments are grappling for funds. The demand is at an all-time low and there are predictions all over that there is a Recession coming over way very soon. But TCS Chief Executive, Rajesh Gopinathan says otherwise.
“The crisis in 2008 is different. Back then the foundation of the BFSI (banking, financial services, and insurance) market is weak. It is not the case this time. This is just a pause in demand. The recovery should happen fairly fast once normalcy is restored. It may be in Q3 or Q4,” he said to Economic Times.
“One of our key customers in Germany signed a contract in the last week of March. Another customer in mortgage insurance in the US wanted to get the transition through because they didn’t want to lose the momentum. We do not think so this industry has come to a standstill,” he added.
This is a positive statement and will come as a huge relief in the IT sector which was dominated by the news of layoffs, cost-cutting, Recession, etc. Rajesh Gopinathan also hinted about Working from Home becoming Rampant in the future. “Hundred percent of our people were working hundred percent of the time from offices. Now, we are almost at 0/0. It maybe 25 or 50 but the point is, it’ll never be 100/100,” he said.
