September 2022: A leading IT company in India, Synersoft Technologies, has voiced concerns about the uncertain semiconductor supply, the sharp increase in the cost of electronic storage media, the sky-high trends in tech salaries, and the strengthening US dollar versus the Indian rupee. All models of Synersoft’s BLACKbox product line will see price increases starting on October 1st, 2022.
BLACKbox is a popular data protection product in the MSME sector of India.
Vishal Shah, Founder of Synersoft, states, “We cannot hold the current price lists across all the models beyond 28th September 2022. It is not a sudden thing. It all started in the last twelve months. The semiconductor supply crisis led to the high cost of components used in the product we have absorbed for the last twelve months. The rising US Dollar against the Indian Rupee adversely affected our costs for most of these components, being imported ones, making it impossible to maintain the current price list of BLACKbox. Our Research and Development comprises talented software engineers
who develop console and agent software of the BLACKbox. Prevailing tech salary trends have led to an extraordinary rise in talent acquisition and retention costs. Overall, we have exhausted our capacity to absorb this three-dimensional rise in our costs. We will honour the quoted prices until 28th September 2022.”
Such is the case with many Indian industries. Due to the same reasons, passenger vehicle prices have increased, and deliveries are delayed. Prices of consumer appliances and electronics have increased drastically. It is also delaying industrial automation and IoT projects.