Once known for hiring hundreds of thousands every year, five of India’s top six information technology services companies reported a reduction of 73,600 in their total headcount in the last fiscal year. Is the backbone of the Indian economy weakening?
IT sector has never been the backbone of Indian economy. More than 70% indians are still working in agricultural sector. Engineering and IT was just an inflated industry that has too much supply now - thanks to our population.
Backbone in terms of spending power. IT employees are the biggest spenders on buying homes and other stuff that keeps the economy running. Remove them and it will impact consumer spending in a big way. Less consumers means less tax collection and less domestic growth. Otherwise most of the country is just surviving. Look at the per capita income.
No industry or company can survive forever right. Also, no, it's not in a free fall. But you cannot expect growth and growing profits every year. Of course some years will be bad
Saw a similar post somewhere from an European and I think it’s pretty valid for India.
For context, I am in my early 30s, a home owner, living in tier-2 city with a pretty high salary. Recently got married and my wife also works as an...
Great post, I was thinking to jot down something similar. The way I see is that our generation(I'm Gen Z), is f...
Headcount in Indian IT companies continue to decline.
I am seeing a lot of layoff related posts everywhere from news articles to LinkedIn.. Is the Job market really that bad now? Or just the media is projecting that way?
If it's really bad, which department you think is the most affecte...
It is really bad right now 1. Layoffs in many of the companies, irrespective of whether they're a startup or a big ...
