The COVID-19 pandemic will lead to an eight percent decline in information technology spends in India in 2020 to $83.5 billion, a research house said on Wednesday.
This will be the first time in five years that the yearly spends will slip into the negative territory, analysts at Gartner said.
In an estimate released in November 2019, the research house had estimated a 6.6 percent growth in IT spends to $94 billion in 2020.
In partnership with their chief financial officers (CFOs), chief information officers (CIOs) in India are reprioritising their IT budgets on mission critical initiatives, Naveen Mishra, Senior Research Director at Gartner said.Also ReadPM Modi to share his vision on 'Getting Growth Back' with India Inc on Tuesday
He added that fear of a global economic recession due to the COVID-19 pandemic is forcing CIOs in India to be very cautious on their IT spending.
The Indian CIOs will consider extending life cycles of their existing device assets which will delay new purchases, Gartner said, adding spending on devices and data centre systems will contract the sharpest.
Data centre systems spends will contract by 13.2 percent in 2020 over the year-ago period to $3.186 billion, while devices spend will fall by 15.1 percent to $31.07 billion, it said.
Communication services at $28.227 billion will be down by 1.8 percent, and enterprise software at $6.125 billion will be down by 2.6 percent, making the two segments the least impacted, it said.
Government restrictions like social distancing will result in more spends on business continuity, remote working and workforce collaboration, the research house said.
This will result in a shift in spending toward technologies such as desktop as a service (DaaS), infrastructure as a service (IaaS), virtual private network (VPN) and security, it said, adding that the overall cloud adoption in India has increased.
The lockdown measures forced sectors such as education, healthcare, and public utilities to accelerate their digital transformation, Mishra said.
However, for other sectors like retail, insurance and banking, which were already advanced in their digital transformation, have to reduce their IT spending in 2020.
These sectors will continue to spend on targeted digital initiatives such as artificial intelligence, machine learning and virtual sales assistants. However, they will have to reduce or stop spending on business transformation, process re-engineering and modernisation of existing systems, Mishra said.
(Edited by Saheli Sen Gupta)
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Original Source: yourstory.com
Courtesy of Michelle Juergen
Michelle Juergen is a freelance writer and editor in Los Angeles who was recently let go from her job at a travel trade publication.
Her current monthly income is about $4,000 with unemployment benefits, and her minimum monthly expenses come to around $3,100.
For Business Insider’s “Real Money” series, Juergen tracked her spending for a week. Between groceries, business purchases, and personal items, she spent $682.84.
Visit Business Insider’s homepage for more stories.
My monthly expenses usually total $3,078, and are broken down into these categories:
Miscellaneous items include my $60 cell phone bill, $120 yoga membership, Netflix and Spotify Premium accounts, random Amazon orders, and emergency costs like DMV or doctor visits.
But before I share a snapshot of my spending as a newly unemployed person, I must address something crucial you’ll see: $16 bacon.
Yes, I paid $16 for slices of fatty meat I could have gotten for $5 at an ordinary grocery store. But these are unsure times, and fancy bacon is a small, superfluous luxury that, writ large, assuages — even if just for the time it takes to eat breakfast — my constant unease about the future of my life and the world around me.
I was let go rather suddenly from my job as a Los Angeles-based writer and editor for a travel trade magazine, as the pandemic and travel’s uncertain future forced the company to downsize. But determining how to wisely spend my income — which, as of April 1, comes from unemployment insurance (UI), a couple freelance gigs, and some severance pay — isn’t new to me. I’ve always had a tighter budget because of student loans and car payments (both of which I paid off last fall), so I’m used to leaner finances. When I splurged, it was often on food: dinners and drinks with friends, or solo steak frites and wine after a long work week.
So although I’ve had to make tweaks to my monthly budget after being let go, and am keenly more aware of every dollar I spend, I’ve not had to profoundly change my spending habits. And thanks to the CARES Act, which adds $600 per week to the $450 I receive from UI (the maximum allowance in California), I’m actually making more per month than I did as senior editor of the travel magazine.
While simultaneously elevated and disheartened by this fact, I’ve been able to save more per month than I was formerly able, as well as had time to pursue creative projects like contributing unpaid time into “Fly Brother,” a new travel show on public television; joining free online writing seminars; and duct-taping my iPhone to the ceiling to experiment with self-portraits.
My spending will, however, have to decrease in the coming months, especially as the CARES Act’s extra $600 ends July 31. But I plan to mitigate this by increasing my freelance work and moving somewhere more affordable.
Here’s how I spent my money during a recent week in May.
Courtesy of Michelle Juergen
Bobo’s Oat Bars: $32.89
Every day is Blursday now, but somehow, my inner Garfield always feels the acute Weltschmerz of a Monday. During this particular one, I sweat and stress-ate my way through a freelance copywriting project I was on deadline for. During my frenetic sprint, I received a “We miss you!” email with an offer for 30% off from Bobo’s, a Boulder, Colorado maker of tasty oat bars. The sentiment worked: I bought protein and oat bars, a purchase that will count toward my grocery budget.
Courtesy of Michelle Juergen
Lady & Larder groceries: $61.70
Maybe it was the aftermath of a Monday, but Tuesday begat the $16 bacon binge. I do most of my grocery shopping at Trader Joe’s, but as the product of two organic-food-loving parents, I’ve built certain splurges into my dining budget for things like $9 cherries from small farms, a $10 loaf of locally-made sourdough bread, and, yes, $16 pasture-raised, antibiotic-free, non-GMO bacon from a nearby purveyor. (Side note: Though I do pay more for certain grocery items, I’d never actually bought expensive bacon before.) I picked up these and a few other purchases from Lady & Larder, a local cheese shop that pivoted into a takeout store when the coronavirus severely impacted its business.
After assembling and savoring an epic BLT, I joined my therapist online for our weekly video session. Therapy has been built into my budget for the last five or so years, and I’ve been fortunate to find sliding-scale clinics and counselors that work with my finances. I anticipate the cost will become tougher to maintain in the coming months, but it has been so essential to maintaining my well-being (particularly now, as I navigate constant uncertainty) that I’ll make it work.
Courtesy of Michelle Juergen
Paula’s Choice retinol: $45.55
Before the pandemic, performing the ubiquitous lengthy skincare regime for which women are often mocked was keeping my skin clear. Now, I’m dealing with rogue breakouts that seem to magnify the haphazardness of life these days.
And it’s not just me: Experiencing adult acne in isolation is a thing — one that’s making headlines. So while the pixelation of weekly Zoom calls hides my blemishes from friends, it doesn’t conceal the ever-present unease I feel over my growing list of Things I Can’t Control.
Thus, a $45 purchase of Paula’s Choice retinol. When it comes to beauty- and household-related spending, I generally only buy things that I’ve researched thoroughly and aren’t full price. So I made sure to get a deal: I used a code that snagged me a 20% discount, free shipping, and a bonus travel size retinol.
See the rest of the story at Business Insider
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SEE ALSO: I live in rural Costa Rica and spend $1,000 a month on travel. Here’s exactly where my money goes in a typical week.
Original Source: feedproxy.google.com
Here in the Northwest, we’re in Coronavirus mode. It showed up close to home far faster than I expected. We’ve had some cases in our immediate area, and it’s put everyone on high alert. It certainly motivated us to pay the price of stocking up last minute on essentials, including some of the basics Hope mentioned when preparing for a pandemic.
I know this has become a controversial topic for a lot of people, but I think we can all agree it never hurts to be prepared. Here is one of our main concerns: what would we do if we were quarantined for 14 days? That’s already happened with some families, and we know it’s a very real possibility.
So this weekend we focused on:
– Stocking up enough food for 14 days
– Getting sufficient medicines, especially for my asthma
– Creating a plan for our business
Stocking up on Food
I ran to the store early Saturday morning, buying two weeks’ worth of what we’d normally eat. We usually have a lot of dry goods and canned foods in our garage, but with moving on our mind we’ve been eating through it. Dangit. So I begrudgingly restocked some of those staples, juuuust in case. This bonus grocery trip cost us nearly $100, but it did mean I can avoid the stores this week.
By Saturday evening, apparently, store shelves were becoming bare. Rice, beans, and soup cans were gone. A friend went to Costco and texted that they were in line all the way to the BACK of the store. Toilet paper and water were the hot items, although people were also joking about the wine and beer in their carts.
I’ve since seen stores are cleaned out (pun intended) of hand sanitizer and cleaners like Lysol and Clorox Wipes. There’s been some price gouging, so I’m grateful we already had enough of these non-food items.
Keeping Medicines on Hand
We made sure we had fever reducers for us and the kids, and then I started getting more of my asthma and sinus prescriptions. They’re so expensive and because of insurance limits I often don’t get extra. Calling in all my meds at once reminded me just how much we pay for my medications each month!
– Asthma pills $14/month
– Allergy pills $30/month
– Nasal Rinse $45/month
– Steroid Inhaler $45
– Rescue Inhaler $45
That’s a total of $179.00. And those don’t include a few over-the-counter vitamins and pills I take. Oof!
(I have to put in perspective that before I started this cocktail of prescriptions about five years ago, I was having non-stop sinus and respiratory problems. I needed regular sinus surgeries, I wasn’t sleeping well, and I was really struggling. So I’d rather pay for my better lifestyle now than endure that miserable existence again.)
That total was bothering me though. I already take all the generics that I can, so I decided to finally look into online coupons. I came to the pharmacy with a coupon I found on GoodRx.com that I thought would make one of my $45 inhalers only $18. Unfortunately it wasn’t for the exact same one, and the kind pharmacy tech searched and couldn’t find a coupon that would work either. If you have any coupon advice, I’d love to hear it.
Planning for our Business
We’ve had some cancelations at work either because people weren’t feeling well or they were being cautious. We are bracing ourselves for a possibly slower March and April due to all of this. We’ve been tweaking how we schedule and getting even more strict with our cleanliness and hygiene.
We also may have to close our business down for a time if my husband or too many of the employees get sick or quarantined. If only we could work from home! We’ve been bracing ourselves for what that could mean for our bank accounts.
All this prep has really reset our typical budget, but it’s money we would have spent eventually in the month so we’re making it work. Plus, I suppose this is a time to be grateful for emergency funds. Stocking up and preparing has given us some peace of mind, so it’s definitely been worth the price.
The post The Price of Stocking Up appeared first on Blogging Away Debt.
Original Source: bloggingawaydebt.com