Coronavirus outbreak affects Indian firms in China, could lose 15-20% revenue: CII

A recent report published by Confederation of Indian Industry (CII) shows that Indian firms operating in China could lose 15-20% revenue due to coronavirus outbreak. According to analysis, Indian IT companies operating in China have alrey been bly hit by outbreak as ir global customers have started looking for or service providers in alternate locations such as Malaysia, Vietnam, etc. As IT companies are heavily dependent on manpower, y are t able to operate effectively due to strict restrictions in movement of people. According to survey, re are around 130 Indian companies currently operating out of China.

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" extended Lunar New Year holidays in China have versely impacted revenue and growth of Indian IT companies, operating out of China. IT companies are heavily dependent on manpower and are t able to operate due to restrictions in movement of people arising from lockdown and quarantine issues. Consequently, y are t able to complete/deliver existing projects in time and are also declining new projects," survey said in its analysis in context of several cities that are under lockdown. 

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survey also estimated that outbreak would result in an ecomic slowdown in China and suggested that country's GDP would decelerate by 1-1.25 percent point over 2020. survey furr said that lockdown affecting 500 million people in China will deeply impact its consumption of goods as country is world’s largest exporter and second largest importing nation, accounting for 13% of world exports and 11% of world imports. 

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Coronavirus outbreak

China is currently battling vel coronavirus that has claimed more than 2,700 lives across globe and has infected over 80,000 people since December 2019. According to reports, at least 27 people have died outside mainland China, which makes it worst disease outbreak in 21st century. virus originated from a seafood market in Wuhan city, where animals were being tred illegally. Hubei province in China has been most affected by contagious disease, which is also epicentre of virus. 

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