(MN7P10) Economic impact assignment on the impact of Covid 19 on the IT industry

Question

Task: how to assess the impact of Covid 19 on industries using economic impact assignment review methods

Answer

Chapter 2- Literature review
Introduction
The chapter of economic impact assignmentresearch has reviewed various literatures available on the proposed topic. It includes theoretical explanation of the subject rather than descriptive findings. This section has addressed the impact of Covid-19 pandemic on Information Technology (IT) industries, particularly within a growing country like India. It has incorporated a detailed finding of the contributions made by the IT industry to India's GDP. The section has also demonstrated the efforts made by the IT industry have to sustain operations in India after the pandemic through theoretical insights.

Economic impact of Covid-19 on India
The economic impact of Covid-19 pandemic is becoming largely disruptive around the nation including India. It has not been alarming on the economic activity but also increased the number of patients affected with COVID-19. In present scenarios, mostly all the industries in India are devastatedly affected with the increase of exports and domestic demand. For instance, the GDP growth crashed to 23.9% in consideration to the unsaid lockdown notice from prior basis (Mangla, 2021). The GDP rate of India sharply shrank 7.3% in the financial year 2020-2021. It was one of the deadly performances in India after their Independence in correspondence from their historical independence. Since agriculture was one of the most important backbone of India as a part of the Indian government, the impact of Covid-19 on agro-inputs and agricultural production has been severely low since the last few centuries. It was at that time when online food grocery platforms were heavily impacted due to pandemic on the cause of unclear restrictions and stoppage of logistics vehicles from the Indian government. Insulating the rural food production areas in India, the economy was devastated and hampered by the macro sector of food and agricultural industries. On the contraryeconomic impact assignment research shows, the aviation and tourism industry also resulted in a significant loss in India's economy during the surge of the pandemic as they stood at about 2.4% and 9.2% respectively. For instance, the most detrimental was their cash flow issues since the early stage of pandemic that also followed a lay-offs of 38 million that further translates into a total workforce of 70% (Upadhyay, 2021).

Figure 1: Economic impact of Covid-19 on India
(Source: Upadhyay, 2021)

According to the estimates of Indian Associates of Tour Operators (IATO), the aviation and tourism industry in India has an approximate loss of 85 billion rupees, primarily due to the uncertainty of travel restrictions. The most fascinating intervention is Covid-19 that resulted to an ill-treatment in Indian's economic condition inspite of the leverage of technological alliance, such as contactless boarding. On the other hand, a significant impact of Covid-19 was greatly observed in the telecom sector due to brief price wars among the service providers.

These industries already hold over 1 billion connections in India that is estimated to be 6.5% of India's GDP as it has provided employment to over 4 million people in India. For instance, Telcos expected 10-15% fall in the recharge volumes of the telecom industry in India but 75% push over of digital recharges that maintained India's economy to a positive growth rate (Sengupta and Lohchab, 2021). Increased broadband usage during the pandemic upfront caused a pressure not only on the network but also on the economy (Choi, 2020). Though the economic impact assignment research shows there was a direct demand of telecom services by 10%, the potential impact on India's economy was observed in the changes for network usage and resilience along with some financial impacts. Therefore, the economic conditions in India due to pandemic showcased slow growth but it can make the economy go into a recession very soon.

Contribution of the IT industry on India’s GDP
The IT industry in India is generally a vast industry that consists of information technology services, outsourcing and consulting. According to Gartner, Tata Consultancy Services (TCS), Infosys, Tech Mahindra, Wipro and HCL technologies are considered the five-most popular IT industries in India. The IT industry has a massive contribution to India's economy with respect to economic growth, sectoral innovation, regulatory policy and overall business operations. For instance, the IT industry accounts for 8% of the total GDP in India and revenue is estimated to be US $194 billion in the last financial year 2020-2021, with an increase of 2.3% (ibef.org, 2022). They have increased their contribution from 1.2% in 1998 to 10% in 2019 to the GDP growth of India. On the contrary, Indian IT firms have maintained firm relations with the international environment to form delivery centres all across the world. It has increased the strategic alliance of IT industries between the domestic players of India along with their international players to enforce real-time solutions around the globe. IT based services in India have increased productivity in this competitive world and made governance more approachable and competent for people (Al-Omoushet al. 2020). The liberalisation policies of India's IT industries have advanced numerous sectors including health, services and technologies by minimising barriers on trade and import duties levied on tech products. It is due to the exponential contribution of India's IT industry during Covid-19 that have urged cloud computing and e-commerce to grow over 55% of the global sourcing market in 2020-2022. For instance, India's IT sector has an aggregated revenue of 180 million dollars in 2018 with domestic revenue 48 US billion dollars and export revenue standing at 99 billion dollars, increasing over 13% (Jayswal, 2021). The IT industry in India ranked second in FDI flows according to the report made by Department for Promotion of Industry and Internal Trade (DPIIT) as India has contributed US $74.12 billion to the GDP growth of the country between April 2000 and June 2021. On the other hand, new IT-based technologies such as remote monitoring has successfully contributed to India's GDP as the digital skill pool of the country has rapidly risen to 75% out of the total global digital talent. This contribution is due to the rollout of 5G communication technology, growing adaptation of big analytics, AI, Internet of Things (IoT) and cloud computing that have expanded the IT sector unlike the other services in India. With the increase of digital economic growth in India, the IT industries have selected their main centres of growth in tier 2 and tier 3 cities that can further reduce the existing disparities within India's economy and their GDP growth rate. The economic impact assignment research shows the Indian government also announced the immense contribution of the IT sector in the future that will bring through new age technologies like hyper-scale computing, cybersecurity, blockchain and artificial intelligence (Kumar et al. 2020).

Figure 2: Contribution of the IT industry to India’s GDP
(Source: Kumar et al. 2020)

Changes made for IT staff to maintain operations
Adoption of hybrid work

The ongoing changes after the Covid-19 pandemic have permanently transformed the association of employees with the employers due to expectations in their work. Adopting a hybrid work culture for IT staff is a great opportunity especially for a diverse talent pool. For instance, 75% of the IT staff have agreed their expectations for working in hybrid mode as their flexibility has increased on a home-site arrangement. To maintain operations in IT industries, hybrid work culture is the future as it can already incur 39% loss of its workforce. They have created a new, human-centric model for the hybrid environment by driving employee flexibility, human leadership and culture connectedness (Yousif et al. 2021). With the adoption of a hybrid work environment, IT staff have greatly envisaged the potentiality of diversity, equity and inclusion (DEI) outcomes to support employees and mitigate bias in the aftermath of the pandemic (Sahoo and Ashwani, 2020).

economic impactassignment -Shorter work weeks
the economic impactassignment research shows Shorter work weeks have become the new Employee value proposition (EVP) among the IT staffs to maintain operations in tough conditions. As high inflation and labour market competition have greatly impacted the economic market of India, the IT staffs were putting pressure on compensation but the organisations were unable to increase their pay due to huge losses. In order to continue the business operations swiftly in IT industries, the hiring managers and C-suite leaders have focused on a shorter week of work. Though such changes have reduced the cash outflows of IT industries, the shorter week has also led to a flood of job applications. Reducing hours by three to five hours per week was one of the crucial changes in IT staff as observed during the pandemic confrontation.

Increased focus on mental well-being
Due to the significant problems of Covid-19 impact on the IT staffs especially their mental health issues has been a major hindrance to continue business operations. The C-suite leaders of IT organisations have focused more closely on the mental and physical well-being of employees to induce a positive outcome in the firm (Dev and Sengupta, 2020). They have trained their teams and other external stakeholders the importance of mental health and appointed support needed to combat the greatest challenge of the economy, none other than Covid-19. As per Akpan et al. (2022) in order to keep momentum in the workplace, the IT staff have acknowledged the relevance of mental well-being and kept them happy as well as healthy to create a successful business intervention in IT services. It has allowed them to reduce mental stress and anxiety they have been facing due to the hybrid work culture during the pandemic. As a part of holistic on-site return, IT staff have greatly appreciated the risk factors associated with poor mental health in the course of a pandemic. Thus, the fear of unemployment, financial insecurity, poverty and physical ailments could be restrained from the IT staffs to maintain business operations smoothly.

Theoretical framework
The effective growth of the Indian economy is witnessing a negative growth rate due to the economic derailment in India on the rise of Covid-19. Implementation of Business Model Innovation (BMI) is effective for the IT industries to enhance value creation and advantage in the organisation. Transformation through the BMI model is critical for inducing radical changes in the IT structure that can rationally combat the disruptions of pandemic (Wirtz and Daiser, 2018). It can also help the IT industries to focus on new regulations or commoditization that can slowly induce growth prospects in India's GDP growth rate and economy. The economic impact assignment research shows in order to support the organisational operations during the course of pandemic, the business leaders need to build an innovation engine through this model to persistently drive competitive advantage and innovation in spite of the economic challenges faced by the IT industries (Soto-Acosta, 2020).

This requires an ability to continually evolve in the business to meet the current objectives and goals of IT services that entangle with digital transformation and restructuring of technological resilience. On the contrary, adoption of Maslow's Hierarchy of Needs is also crucial in the IT industry’s to sustain business operations across the country. The IT business leaders need to embrace physiological, esteem, self-actualisation, safety, love and belonging needs of the employees to support the crisis situation of pandemic that India's economy is going through (Hopper, 2020). Amidst the Covid-19 resurgence, IT industries have to give effort on the security measures of the staff by protecting them from the virus transmission and providing overall business facilities to continue work in a hybrid mode. These can not only achieve complete development of the employees but also work on the motivation and behavioural aspects of staff to induce positive growth rate in the business as well a better suit on the GDP of India.

Figure 3: Maslow's Hierarchy of Needs
(Source: Hopper, 2020)

economic impact assignment Literature gap
The literature of the economic impact assignmenthas been limited to the potential implications on the economic cause and effect of India with the rise of Covid-19 growth within the IT industries. There has been a literature gap involving the challenges that the IT industry’s faced during the pandemic and the strategies needed to address those also remained unexplored. On the other hand, failing to draw conclusive literature sections on other countries is a hindrance to this economic impact assignmentas it could have drawn on the effectiveness of IT industries on GDP growth rate of the economy around the world (Jaipuriaet al. 2021).

Summary
It can be summarised from the above that Covid-19 pandemic has significantly changed the economic structure of India, especially in the IT services sector. Potential financial implications involving increased cash-outflows, inflation, less business resurgence and other economic issues were mostly prone in India's IT industries. However, the role played by the IT industries in India is immense as it has not only improved the economic structure of the country but has opened a new intervention of business operations in the international arena. To meet the business operations after the Covid-19 pandemic, the IT staffs have reimbursed their business policies and adopted a hybrid work culture to influence positive outcome from employees as well as businesses in terms of productivity as well as profitability.

Chapter 3- Methodology
Introduction to the chapter
The chapter has analyzed the effectiveness of the distinctive nature of the involved methodology that allows the researcher to address the formulations of the research. Distinct utilization of certain methodological processes has contributed to developing an effective understanding on the economic effect of Covid-19 in India along with the latest information about the significant changes that will enable the IT organizations to continue their operation during the adverse time. On the other hand, the chapter has also provided in-depthunderstanding of the reason behind the selection of a specific research process that resulted in the successful completion of the research.

Discussion on the literature and search technique used
The data has been analysed and has been collected with the help of computers from online websites. According to the views of Lester et al.(2020), analysis of data with the help of computer applications helps in improving the overall quality and effectiveness of the data. Primarily a browser was used to collect secondary data from online portals such as Google scholar or science direct.

The secondary sources also included newspaper articles as well which will also be accessed from the online websites. The data associated with the impact of covid-19 on the IT industry of India has been discussed in the second chapter. The data that has been collected from secondary sources have highlighted the economic impact of covid-19 on the Indian economy as a whole. According to the comments of Koukpakiet al.(2020), there has been a significant amount of contribution from the information technology industry of India towards its growth and development as a nation. The data that has been collected from the secondary sources have been analysed based on the requirements of the literature review section in which different views and thoughts associated with the topics of various authors have been taken into consideration.

Purpose of Data collection and analysis
The main reason for selecting this research topic is because it helps in developing an understanding of the present economic condition of India and also evaluates the economic condition of India aftermath the Covid-19 effect. On the other hand, the findings have also played a major role in selecting a secondary data collection process as it is the most reliable option to conduct the research with the inclusion of relevant data as it is not possible to conduct primary data collection methods in this pandemic time.

The findings associated with the literature review have been quite helpful in determining the data connection requirement. This particular research activity has specifically focused on secondary methods of Data collection thematic analysis will be included in the findings. The literature review section of the research has been critically developed by analysing the viewpoint of different researchers on the impact of covid-19 on the IT industry’s of India. According to the comments of Khan et al.(2019), the availability of association with the data that has been collected for the findings increases the effectiveness of the research. The findings of the literature review have been able to answer a lot of research questions. The overall impact associated with the covid-19 pandemic and its economic aspects has been discussed in the literature review section of the research.

Discussion associated with the alternative method of Data collection
The research has mainly included a secondary data collection technique that has limited its expansion only to the information that has been already analysed by another researcher. However, the research can also include primary data collection techniques to involve the first response of the manager of IT companies and collect their opinions in order to understand the economic effect of Covid-19 in India that has certainly hampered their IT sectors.

It is quite clear from the above data that both the primary and secondary sources of data have their own advantages and disadvantages. For this particular research activity, secondary methods of data collection will be taken into consideration. As highlighted by Stobaughet al.(2019), that the secondary method of Data collection is easy to access and is considered a cost-effective method. It is because of this specific reason that the secondary method is the most favoured method of Data collection among the economic impact assignmentresearchers who are still studying at universities. With reference to the research paper that has been used for this particular researches both secondary and primary methods of Data collection would have been better to increase the effectiveness of the research.

Discussion associated with the content of the questions and required data
The research has utilized a secondary method of data collection in which newspaper articles and journals have been collected from online sources. Therefore no such questionnaire associated with the primary findings has been used in the research.

Discussion associated with the format of the questionnaire
As mentioned earlier no such questionnaire was developed for the research activity as it was secondary in nature. Discussion associated with the phrasing of the questions
The discussion associated with the freezing of the questions will not be applicable for this research as it is secondary in nature and thematic analysis has been conducted.
Discussion associated with the format of the responses
The discussion associated with the format of the responses will be invalid as no such responses have been collected due to the secondary nature of the research.

Discussion associated with the data collection method
Secondary data collection technique has been involved in the economic impact assignmentas it provides an opportunity to involve information that is already tested and minimize the chance of data error (Zangirolami-Raimundo et al. 2018). The secondary data collection process provides an opportunity to get access to relevant articles, journals and PDFs that would allow the readers to gain information on the impact of Covid-19 in India on the performance of IT industry. Performing the primary data collection process is quite difficult due to the outbreak of Covid-19 as it puts restrictions on the movement of individuals and there is also the risk of virus transmission. However, the diary data collection process has enabled the researcher to gather secondary literatureof the topic.

Discussion of the sample
Sampling is the technique that is used by researchers to focus on the subside of the population to determine the characteristics of the whole population. It is important for researchers to include time-convenient and cost-effective sampling procedures to avoid biases from the sampling approach. The sampling process is mainly categorised into two sections, probability sampling and non-probability sampling. They are cost-effective in nature and can help in performing the research in a fast manner. However, it is associated with biases that can impact the overall result of the economic impact assignment.

The research has completely emphasised on collecting relevant information about the research topic; therefore, it included a probability sampling method to select information in a completely random manner based on a few selection criteria. The advantage of the probability sampling method is that it avoids biases and provides equal opportunity to be part of the research by fulfilling selection parameters (Mishra and Alok, 2022). The main reason for selecting probability sampling is that it can allow the researcher to include in-depth findings of economic impact of Covid-19 as required for the economic impact assignment.The data that are published after 2020 have been considered for the economic impact assignmentand reliable governmental sites and news articles have been selected to involve accurate information.

Note associated with the data analysis technique
Thematic analysis has been involved in the research to develop themes based on the nature of the collected data (Snyder, 2019). On the other hand, the data collection process involved the help of computers due to the thematic nature of the data analysis process. The involvement of thematic analysis enables the researcher to focus on the analysis of non-numerical data and create evidence-based themes that also allow the researcher to maintain a flexible nature of the research.

Windows operating system was present during the collection of the data and a browser was used for finding relevant information about the analysis technique along with other important software packages such as MS office. According to the comments of Thomas et al.(2018), the availability of the latest software packages used for the analysis of the relevant data decreases the chances of corruption of data associated with the research activity. Multiple software packages have been used for the research activity such as MS office which has helped the researchers to type the whole research activity with the use of different fonts while reducing the grammatical errors that might occur.

Review of the methodology that has been used for the research
The economic impact assignmenthas chosen the qualitative research strategy to conduct the study and included tested information with the research to avoid data failure risk. However, the outbreak of Covid-19 was a recent condition and finding reliable data on this topic was quite difficult for the development research. On the other hand, avoiding the use of a quantitative data collection process disables the involvement of first-hand data that can affect the quality of the research. Considering the nature of the requirements of the project, if it would have been run again then the primary method of Data collection would have been selected for the collection of data. It would have significantly helped the researchers to understand the economic derailment of Covid-19 in IT industries by directly interacting interviews with the managers. Moreover, considering the direct contact of the data source with the researchers it would have been easier for the researchers to formulate the questions in a manner that would have provided better insights associated with the economic impact as well as the impact on the company associated with the IT industry due to the covid-19 pandemic.

Therefore, in future, the inclusion of both quantitative and qualitative data collection methods will be considered to improve the overall quality of the research. In order to assess the reliability and validity of the researcher, the research has compared the outcome of similar research by using the same measurement techniques.

Chapter 4: Findings and analysis
Introduction
Framing the overall findings of this research and analysing the extracted information or the two major objectives of this chapter. The overall structure of this chapter has been developed based on the research aim as well as research objectives. This chapter is majorly divided into findings and thematic analysis sections where individual themes are identified from collected findings. The findings of this research have been analysed against the discussed existing research works in the literature review section.

Findings
Discussing economic impact of Covid 19 on India
The pandemic of COVID-19 resulted in adverse impacts on the overall sustainability of the Indian economy. It has been highlighted by Rakshit and Paul (2020), the major negative impacts of the pandemic situation on India has affected both the human lives as well as economic activity of this nation. Nearly all financial sectors and business sectors have been affected adversely as the basic characteristics of exports as well as domestic demand of services and goods decreased. The Indian economy has faced 7.3% decline in the GDP sector during the 2020-2021 financial year (M.rbi.org.in, 2022). It is recognised as The oldest ever decline within the GDP growth sector after the ministry has initiated to publish GDP statistics in 1996. Nearly 10,000,000 workers migrated to their native regions due to the loss of daily wage as one of the major results of COVID lockdown in 2020.

It is very important to understand that the second wave of Covid 19 virus has exposed the overall characteristics of India brutally and it has worsened the vulnerable aspects within the economy of India. Some essential activities as well as services were out of the considerations of the lock down factor.

Discussing the economic contribution of IT industry on India
IT-based services are crucial for any business organisation for increasing their productivity and it also helps to manage multiple business processes easily. As per the view of Paul et al. (2018), the IT industry is not only responsible for the overall economic growth of India but also crucial for making the government comparatively higher competent as well as accessible. According to the projection it can be understood that the IT and business service market of India is capable of reaching $19.93 billion by the end of 2025 financial year. The IT industry of India plays a significant role to improve the overall financial stability of India. For instance the contribution of this industry towards Indian GDP was 1.2% in 1998 and it was 8% in 2018 financial year (Ibef.org, 2022). The IT sector has contributed 7.7% of the total GDP of India in 2020 financial year and the percentage has decreased due to the pandemic situation created by the COVID-19 virus. The amount of software exporting was $16.29 billion in the first quarter of the 2022 financial year and the revenue of the IT industry has increased by 6.4% in the 2021 financial year. The IT sector of India has managed to rank at the 46th position within the 2021 edition of the global innovation index (Ibef.org, 2022). It indicates the overall strength of the IT industry as it has managed to improve its ranking by four places.

Adjustments made in the IT industry of India for Covid 19
The concept of hybrid working structure or remote working strategy was not familiar to the Indian job sector. The pandemic situation has forced the business organisations to change their existing or traditional working pattern and adopt new strategies. As per the view of Prasad et al. (2020), Indian IT companies have provided proper attention towards adopting completely new as well as unique work models to survive in the highly vulnerable working condition. More than 80% of the total IT companies of India have adopted a hybrid work model and this statistics is highest among other industries. It is important to understand that the concept of social distancing and stay at home characteristics have been applied during the pandemic time period and the hybrid working structure has helped the business organisations to survive during the crucial situation. Infosys is one of the biggest names in the Indian IT sector and it has announced a permanent work from home facility for nearly 50% of its total workforce in 2021 (Thehindu.com, 2022). Nearly 50% of the total IT companies in India are focusing on keeping the option of remote working open for its employees. The overall flexibility of remote working structure has increased the overall productivity of the business organisations.

Thematic analysis
Theme 1: GDP of India shrank 7.3% in 2020-2021
India is recognised as a developing economy and the financial infrastructure of this nation was not strong before the pandemic time period. The pandemic time period has exposed the overall world ability of this nation regarding its economic prosperity. This nation has experienced one of the oldest financial scenarios as the GDP has decreased by 7.3% in the 2021 financial year and it is a record. As per the view of Jain (2021), each sector of the India suffered losses while undergoing COVID lockdown stages due to pandemic situation. For instance, the IT sector of India is recognised as one of the financially advanced and effective sectors but failed to withstand the complexities of business resulted from Pandemic of Covid. There were multiple issues during the pandemic time period such as lack of market outlets, broken supply chains, falling output prices and poor demand. People had no source of income during the particular time period and it has decreased the overall sustainability of the Indian economy. The literature review section has provided detailed information regarding the impact of the Covid 19 virus on different sectors such as the agricultural sector, tourism sector and many others. However the impact of the COVID-19 virus and the pandemic time period has made less impact on the overall characteristics of the Indian IT industry. Business organisations have learnt some lessons from the pandemic time period and they have started to adopt some new principles such as shifting towards localisation and cash conservation. Innovation and supply chain resilience are also two important principles adopted by different industries in India to fight against some major crisis like the pandemic time period.

Theme 2: IT industry of India contributes 8% of the total GDP of India
The IT industry of India is one of the major strengths of the Indian economic system. As for the opinion of Paul et al. (2018), information technology is crucial for delivery as well as management of multiple government services such as education information, healthcare services, customer rights and many others. It helps to introduce a transparent as well as seamless approach between different stakeholders. The IT industry has the potential to attract significant investment from different foreign countries. For instance, Computer hardware as well as software sectors of India are successful in attracting foreign direct investment worth of $ 74.12 billion between the time periods of 2000 to 2021. The IT industry of India has been growing since the last two decades and it has changed the overall perception of the foreign countries towards India. The government authority has introduced some liberalisation policies like flexible import duties on multiple technology products and reducing trade barriers in the context of the IT industry. These two factors have made a positive contribution to the overall growth of the Indian IT industry.

The overall revenue of the IT industry of India was $ 227 billion In the 2022 financial year and it is a 15.5% year of year growth (Ibef.org, 2022). Most of the Indian IT organisations are focused to invest a comparatively higher amount on the international sector for expanding their global fruit print and it also helps to increase the global delivery centres of the organisations. Exporting is one of the main features of the Indian IT industry and the amount of exports was $ 149 billion in that 2021 financial year. The IT sector of India is not only effective for adding financial value to the overall economy of India but also crucial to provide comparatively better job opportunities to the Indian. For instance this specific industry is successful in adding 4.45,00,00 new employees in the 2022 financial year and the total number of employment in this particular sector is more than 50 lakh. There are multiple major players in the Indian IT industry such as Tata consultancy services, Infosys, HCL technologies, Wipro Ltd and many others. Tata consultancy service is a India-based international company as it has nearly 242 branches all over the world.

Theme 3: IT sector has adopted hybrid working structure to combat with Covid 19
Hybrid working structure has helped the IT companies of India to remain competitive during the pandemic time period. More than 70% of the total IT companies in India have adopted hybrid working structure or remote working structure during that time period. However, most of the organisations were focused on keeping the option of hybrid working structure available for the employees during the post-pandemic time period. There are major limitations of hybrid working structure as it can increase the security challenges for the IT companies. As per the view of Prasad et al. (2020), companies have comparatively less control over the installed and purchased software on the devices of their employees while following the concept of remote working structure. Hybrid working structure is directly linked to the utilisation of cloud storage and cloud solutions. Cloud solutions are effective as well as flexible to fulfil the overall expectations of the current market. However there are some major security issues associated with using cloud solutions on a regular basis. Business organisations have started to increase awareness among the employees to protect their devices from multiple threats related to cyber attack. More than 95% of the total employees of a popular IT company of India like TCS are currently working from their home. This statistical information indicates that despite the decline of Covid 19 related cases, business organisations are focused on hybrid working structure.

The pandemic time period has increased the overall usage of technology and it has increased the overall workload of the employees of the IT sector. The employees of the IT sector have to work overtime during the pandemic time period and it has increased their job stress as well as mental stress. As per the view of Parker et al. (2020), business organisations were unable to increase the salary of the employees during the pandemic time period due to the tight financial condition. Business organisations have focused on increasing adequate initiatives to promote the concept of mental well-being among the employees. Nearly 1 22000,000 people have lost their job during the pandemic time period. However the IT industry was one of the most sustainable sectors in India during the pandemic time period in terms of retaining their employees. The management team of the IT companies were successful in motivating and influencing their employees by portraying that their job is still secure despite the devastating nature of the Covid outbreak. It has helped the managers to support the mental well-being of each employee in a strategic manner.

Hybrid working structure is not only effective for employees but also effective for the business organisations. For instance business organisations have to pay comparatively less amount for the office maintenance. Hybrid working structure is related to providing better opportunity to the employees to spend more time with their family. It has motivated them to work more positively.

Chapter summary
Based on the above discussion it can be understood that the IT industry of India is supporting Indian economic growth continuously. Flexible working structure and remote working concept have helped this industry to remain sustainable during the pandemic time period. Most of the IT organisations are continuing with the concept of hybrid working structure during the post-pandemic time period.

Chapter 5- Conclusion and recommendation
Conclusion
It can be summarized from the research that despite witnessing effective growth in economic development, the outbreak of Covid-19 has drastically shifted the direction of Indian economic development. In order to combat the radical changes imposed by Covid-19, the Indian IT industry has also developed strategies to support the organizational operation during the adverse time. Covid-19 has become a global phenomena and operation of every industry has been affected due to the outbreak of the pandemic situation. Multiple business functions have been shut down to avoid the risk of contamination. The IT industry is among one of them that growth has been effectively hampered due to Covid-19. The research has tried to mainly focus on the function of the Indian IT industry during the time of Covid-19 outbreak as the IT industry is one of the major contributors in the Indian economic development. 8% of the total GDP has been raised by the Indian IT sector but the Covid-19 outbreaks resulted in the shrinkage of Indian economy 7.3% as majority of the organizations had to stop their function due to the announcement of lockdown. The research has also found out the changes that have been implemented within the IT industry function to continue their operation during this time. Inquiring the changes within the organizational function would help in analyzing the factors that were helpful in continuing the function despite the nationwide lockdown announcement.

The literature review section has broadly analyzed the economic changes in India during the time of Covid-19 and provides adequate information to generate a clear picture. It has been seen that GDP generation has crashed by 23% due to the sudden announcement of lockdown for indefinite time and the nation witnessed one of the worst economic performances in recent times. On the other hand, the section has also tried to provide adequate knowledge about the importance of IT industry in Indian economy development as it has been seen that contribution rate of IT industry has been increased simultaneously from 1998 to 2019, 1.2% to approximately 10%. The growth of the Indian IT sector has also added benefit to the global position of the country and maintained international standards to improve the reputation of the organizations. Despite the outbreak of the Covid-19, the cloud computing and e-commerce sector has witnessed exponential growth and there has been 55% growth in the global outsourcing market. In order to maintain the growth rate in future, the IT sector has also adopted relevant changes in their functions and includes hybrid work cultures that helps in continuing the association of talent work pool and introduce flexibility in the working hours to support the balance in the personal and professional life. Involvement of the human centric model has supported the potential relationship improvement between employees and management that would also allow the industry to manage the remote working system during Covid-19.

Involvement of secondary data collection techniques enable the researcher to collect relevant findings that would support the research outcome and help in achieving definitive research objectives. One of the key issues that impact the performance of the IT industry during the time of Covid-19 is complete shutdown of the organizational operation and only concentrates on remote working facilities. Many organizations have struggled to adopt the remote working structure to continue their business function and small and medium organizations have failed to involve adequate investment to maintain the remote working facility. On the other hand, organizations have to make extra investments to ensure the protection of their employees that also increase the total expenditure rate of companies.

Recommendation
Recommendation 1: Redefining social media policy
In order to maintain smooth business operations amidst the economic crisis, Indian IT industries need to re-define their social media policy to provide clear guidelines to the employees. It shall contain the necessary information with respect to the economic impact of Covid-19 on IT businesses along with the impact on employee safety and health (Larsen, 2019). By providing employees with an internal communication channel, IT staff can ensure direct communication with their peers and managers in response to their feelings and thoughts as an alternative to social media. At the same time, business leaders in Indian IT industries need to identify the emerging issues of Covid-19 in their firm that have affected customers, employees, production regions and distribution sectors to an immense rate. The staff in such industries should become the source of appropriate information from the employers with regard to pandemic impact on India's economy as a way to enhance the news channel in the workplace.

Recommendation 2: Health is the key to sustainability
The IT industries in India should implement sustainability forces to reduce the economic risks on their business after the Covid-19 pandemic. In order to induce changes in the business operations of IT industries in the course of the crisis, the first step is to pay attention to wearing disposable masks and gloves that will allow the employees to carry out the business activities in a flexible and smooth way. Though these actions seemingly focus on improving health practices of IT staff, it will also relate to reducing the economic solvency they have confronted against the virus (Jiang et al. 2020). It will enable IT industries to emphasise on business models and organisation's goals without the fear of getting infected by the virus and further incurring a growth rate in the profitability index. Therefore, bringing out significant transformation in the workforce through sustainability is the key to maintain India's economy on a robust channel and gain competitive advantage from other economies as well.

Limitations
This economic impact assignmenthas been limited to the economic effect on India due to pandemic outgrowth in IT industries along with the changes needed in the IT staff to bring transformation in their industry. It has not shed light on the multi-aspect issues of the IT industry that were commonly faced during the pandemic situation. Issues relating to economic resurgence, cultural clashes, emotional appeal of customers, change of business models as well as other important issues that were most common to induce slow growth rate in India's GDP. The study has even not highlighted the potential factors creating the economic impact in India's IT industry that could be a significant advantage to curb the economic challenges in India (Das, 2019). Moreover, it has not detailed a comparative analysis on the economic effect of India with the rise of pandemic disruptions on other countries as well to gain a better knowledge on the economic power of the IT industries in other countries as well.

Future work
The future scope of this economic impact assignmentrevolves around the real danger that Covid-19 crisis can incur in the upcoming years in relation to poverty and unemployment. Evaluating the impact of pandemic on employment of IT industries in India might be a future intervention that remains unexplored. Another great future work could be the economic impact assignmenton the long-term influence of Covid-19 on the consumption and potential for a broad recovery in terms of labour demand and mix of occupations on India's economy. Irrespective of economic disruptions in IT industries, there is a significant future scope to relate the threat of social implications and public health among the IT staffs in India.

Chapter 6: economic impact assignment Reflection
Gibbs reflective cycle

Figure 4: Gibbs reflective cycle
(Source: Atherton and Pratt, 2022)

Description
While conducting my dissertation, Inese responsible to gather key findings on the economic impact of Covid-19 on IT industries. At the foremost, I selected a particular sample group that was completely based on probability sampling method and included information related to Covid-19 impact on Indian economy after the year 2020. As I performed secondary research first time, I was a bit frightened while collecting different evidences on the economic derailment of Covid-19 in India in the IT indytries. I was not at all adjustable while finding out secondary collection of data from various published websites (Atherton and Pratt, 2022). In addition, I had less experience on statistical data due to which I might be subjected to include little void information on the economic derailment of Covid-19 in India in the IT industries. As a result, the quality of collected data from secondary sources was inadequate and my senior research team expressed concerns regarding my professional ability to conduct the research. They also clearly felt that I had not taken the research seriously and was negligent of the proposed research aim and objectives of the economic impact assignment. Another challenging aspect was my poor knowledge on primary data through online surveys or interviews that could have given proper evidence on the economic impact of Covid-19 in India. I am quite nervous of face-to-face interviews as I have a tendency to ask wrong questions to the individuals that restrained me from performing the primary research. The cost was a major disadvantage of the primary research as I received little funds from my research organisation to conduct the consultancy project. On the contrary, the good thing about my research work was my problem-solving skills that encouraged me to address the literature gap from the economic impact assignment(Ibrahimaet al. 2020). I had also performed well in the comparative analysis of primary and secondary research findings with their advantages and disadvantages that enabled me to understand the effectiveness of appropriate research skills.

Feelings
During my initial stage, I was increasingly concerned about my performance of research work as aibese aware of my incapability in networking and surfing different literary information on the economic impact of Covid-19 pandemic on India. Apart from that, I had little concerns in drawing out information from secondary news articles or journal papers as I had not prior expertise or previous research experience. I quickly became flustered and lost my way when I accidentally purchased journals and articles other than free sources on the economic impact of Covid-19 in India. The most struggling situation I felt was when I had difficulty in locating relevant notes and questions regarding the topic in the library as the librarian noticed me while searching for secondary information (Schott and Marshall, 2018). I felt embarrassed as the librarian and other students in my university library realised that I was struggling with my findings which also lead to an embarrassing situation. As a result, I missed adequate information on the consultancy project. On the contrary, some students approached me and recognised my uneasiness to gather secondary findings on the proposed work due to the lack of my confident skills and cognition abilities. Once again I was feeling better prepared to identify the research data on the economic impact of Covid-19 on India. This generated a sense of hopelessness and I felt that I need to focus more on my secondary research skills so as to gather data properly. Another thing that I felt really good about was the coordination and teamwork of my mates though we were allowed to work individually on the research topic. Everyone helped me to locate the exact research articles, journals and news articles that were connected with the research work.

Evaluation
While collecting my secondary data as a part of the research work, my ability to conduct the secondary data collection process was sound and effective to address the research problem. As I knew the direction of the research with appropriate rationale, I was fully engaged in the programme I had initiated through secondary findings and thematic analysis (Caena and Redecker, 2019). In order to deal with my research project, I had to join consultancy project seminars and workshops so as to gain vivid information about the literature review section. In addition, I used my academic course to gain in-depth information on leadership and developmental modules to the economic crisis and impact of Covid-19 on India. On the contrary, my poor knowledge on statistical insights and interpersonal skills for researching and analysing information through secondary research findings backloged my research essence. Moreover, some of my seniors find out impressive results from my performance but I was feeling disappointed and exacerbation due to the absence of multiple research skill ideologies. I was still able to obtain feedback from my senior researchers, indicating my valuable approach to conduct the research in an excellent way. This helped me to focus my thinking on research aims and objectives by addressing fundamental issues on the economic impact of Covid-19 on India (Chaudhary et al. 2020).

Analysis
In order to ensure that I addressed the challenging aspect of learning networking and surfing, I approached both online and offline workshops and seminars to increase my knowledge on researching scope. Moreover, I understood that my ability to undergo consultancy projects reflect my incogniyion on learning preferences and impersonality that needed more emphasis on as a part of my future work. I also understood the importance of drawing out my personal journal that would allow me to identify both positive and negative insights while conducting the research process on the economic consequences of Covid-19 on India in the IT industries. The major evidence regarding the lower GDP rate and increased inflation rate was a good example of understanding the economic crisis in India aftermath the Covid-19 implications. By implementing the Business model innovation (BMI), I dealt with the cross challenges of undergoing secondary research findings as it focuses on the value creation and induced growth in the IT industry. After analysing the complete situation, it is evident that conducting a research project through secondary research is both time-consuming and complex as it requires search of different information from multiple authentic sources (Debataet al. 2020). Though I was having difficulty in integrating secondary findings into the research project, it is quite important to draw back a wide range of information without duplication of data like the primary research.

Conclusion
In conclusion, I can draw out my experience and say that my performance in secondary research study allowed me to understand my insignificant capabilities on networking and internet surfing. My unwillingness to prepare adequate information was shaped by my fear of networking and surfing through secondary research articles. I needed to build a learning and support intervention through my interpersonal skills that could have enabled me to address the issue. As an individual, I have benefited from greater confidence and independence in understanding the research methods and building problem-solving skills. I recognised that I needed to become more comfortable in drawing out secondary evidence in a simple and easy manner as needed in my dissertation. If changing the direction and tone of my dissertation was not at all good as reviewed by my senior professor as there was little information on the statistical analysis of economic derailment of India on IT industries (Ghosh et al. 2020). One of the most important benefits as a professional is the development of my research skills that can enable me to identify a problem, collect relevant information based on the problems and evaluate the resources for quality and relevance to come up with an effective solution. In reference to my learning, I could have developed positive etiquettes on primary research data so as to enhance my communication approaches and enhance my relationship with the business seniors and community. I could have been bewildered by the contributory efforts of the IT industry of India so as to provide adequate evidence on the economic impact caused by Covid-19 that was quite important to drive futility and productivity in my future research practices.

Action plan
Having taken time to reflect on the challenges I faced during the consultancy research project, I was able to create a suitable action plan that might help me to address the issue identified. For a similar situation in the future, I have decided that I will provide self-timing and deadlines to complete my task as asked by my tutor through which a productive research practice can be developed within me (Kumar et al. 2020). On the contrary, I will gain experience and use my statistical ability that can enable me to draw vivid information of the economic impact of a country through numerical data and references as a realistic measure.

Personal development plan

Part 4: Evidence of the collected data
The economic impact assignmenthas used secondary data collection measures to evidence various information on the economic impact of Covid-19 on India that has declined the productivity and profitability rate of IT industries. It has already been evidenced in the literature that GDP growth rate of India shrank to 7.3% in the financial year 2020-2021 as depicted below.

Evidence on the revenues of IT industries in India is also showcased in the below pictorial representation that estimates the approximate revenue of IT in India is $227 billion. Moreover, secondary data on the growth of tech industry is also estimated to be 15% and exports revenue to be $178 billion.

Literary information on the economic impact of Covid-19 in India in IT industries has been utilized in the economic impact assignmentfrom different authentic news article such as The Hindu, IBEF and RBI.

Secondary information on employment losses during Covid-19 that hit 130 million people in different quarters of 2020 was mentioned in the data findings. On the other hand, the losses of IT industries backed by huge amounts was also evident in the literature and data analysis section that was based on the gradual opening of borders.

Some literature that was used in the economic impact assignmentare as follows:
An empirical analysis during covid-19 pandemic concerning information technology industry in hyderabad COVID-19 pandemic: Shifting digital transformation to a high-speed gear.
COVID19 pandemic! It's impact on people, economy, and environment
Effect of COVID-19 on economy in India: Some reflections for policy and programme.
How the IT Industry is shaping the future of India

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