Indian IT Services Market Decline and AI Disruption

$50B of Indian IT services market value was eroded in the last 30 days. The Citrini article predicts it will collapse even more. Niftya IT index: -15% Wipro: -25% Infosys: -25% TCS: -17% Cognizant: -24% HCL: -17% Accenture: -25% Capgemini: -30% LTI Mindtree: -25% TechMahindra: -18% Mphasis: -20% Palantir claims it can compress complex SAP ERP migrations (ECC to S4) from years to 2 weeks. GCCs (companies owning their own offshore IT departments in India) with Claude Cowork are far more ecomical than multi year IT services contracts. I do think the 18% rupee collapse is exaggerated though. The IT services business model absolutely breaks at the current capability of AI tooling, and its ~10% of Indian GDP.