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India’s IT industry freezes on new hires amid layoffs from Facebook and Twitter-

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  Recent layoffs at companies such as Facebook and Twitter may cast a shadow over information technology IT or software companies in India particularly those that cater to outsourced jobs from foreign based companies In the past two weeks as Facebook s parent company Meta announced the layoff of around 11 000 employees Twitter s new owner Elon Musk has also laid off nearly 75 percent of the workforce in the past month However a day ago it was learned that Musk had announced that he would keep the mock dismissal in the background As a result of the recession in some of the world s leading economies and layoffs at companies such as Facebook and Twitter some of India s top IT companies have been eyeing a new hiring freeze as a cost cutting exercise in recent years last months Earlier this month The Economic Times quoted sources as saying the layoff announcement may not be very significant for Meta India s 400 employees in the country However the report also stated that Elon Musk s announcement wiped out almost the entire Twitter team in India which had approximately 230 members in the first week of November Although IT experts hope it won t be a long freeze period Gurugram a city adjacent to New Delhi and one of India s IT hubs has also reported freezes and layoffs at software companies in recent weeks Immediately after the COVID 19 outbreak in India in early 2020 IT companies opted for redundancies But as soon as the work from home concept took hold huge hiring took place Rajiv said Mehrotra an IT consultant at Gurugrama The newly hired staff continued to work for more than two years Since offices began to reopen as the pandemic receded an overflow of software hands was felt a couple of months ago according to Mehrotra Now the global recession has spelled further doom for the IT industry Yes there have been layoffs in the IT industry in recent weeks he said though not in a very significant way Tata Consultancy Services TCS one of India s largest IT firms has announced a new hiring freeze from September The company has more than 600 000 employees worldwide and a market capitalization of more than US 200 billion On condition of anonymity a senior software professional working with TCS confirmed by phone about the new hire freeze Since October our company in Gurugram has been seeing a freeze on hiring new workers This is a result of the overall global recession We are one of the largest employers when it comes to the Indian software industry We look forward to Let it be a temporary phase and the freeze will be lifted soon he added A couple of months ago Money Control a leading financial and business portal stated that the outlook for the US and Europe play a key role for Indian IT companies as most of their revenue comes from these markets Citing figures from ratings agency CRISIL an Indian analytics company he said the US and Europe together contributed about 86 percent of Indian IT companies revenue in the 2021 22 fiscal year Higher than anticipated inflation has stoked recession fears which would mean a cut in IT spending by US and European companies which in turn would hurt earnings growth for Indian IT companies said the Money Control report According to the National Association of Software and Services Companies NASSCOM an Indian non governmental trade association and advocacy group that primarily focuses on India s technology industry Indian IT industry revenue reached 227 billion dollars in fiscal year 2021 22 April 2021 March 2022 a year over year growth of 15 5 percent According to NASSCOM figures India s IT industry added 445 000 new employees in the 2021 22 fiscal year bringing total employment in the tech sector to 5 million employees Estimates by US based technology research and consulting firm Gartner see IT spending in India rising to 101 8 billion in 2022 from an estimate of 81 89 billion in 2021 India s software products industry is expected to reach 100 billion by 2025 even as IT companies here are focusing on investing internationally to expand their global footprint and improve their global delivery centers Xinhua
India’s IT industry freezes on new hires amid layoffs from Facebook and Twitter-

Facebook and Twitter

– Recent layoffs at companies such as Facebook and Twitter may cast a shadow over information technology (IT) or software companies in India, particularly those that cater to outsourced jobs from foreign-based companies.

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In the past two weeks, as Facebook’s parent company Meta announced the layoff of around 11,000 employees, Twitter’s new owner Elon Musk has also laid off nearly 75 percent of the workforce in the past month. However, a day ago it was learned that Musk had announced that he would keep the mock dismissal in the background.

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As a result of the recession in some of the world’s leading economies and layoffs at companies such as Facebook and Twitter, some of India’s top IT companies have been eyeing a new hiring freeze as a cost-cutting exercise in recent years. last months. .

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Earlier this month, The Economic Times quoted sources as saying the layoff announcement “may not be very significant” for Meta India’s 400 employees in the country.

However, the report also stated that Elon Musk’s announcement wiped out almost the entire Twitter team in India, which had approximately 230 members in the first week of November.

Although IT experts hope it won’t be a long freeze period, Gurugram, a city adjacent to New Delhi and one of India’s IT hubs, has also reported freezes and layoffs at software companies in recent weeks.

“Immediately after the COVID-19 outbreak in India in early 2020, IT companies opted for redundancies. But as soon as the work-from-home concept took hold, huge hiring took place,” Rajiv said. Mehrotra, an IT consultant at Gurugrama.

The newly hired staff continued to work for more than two years. Since offices began to reopen as the pandemic receded, an overflow of software hands was felt a couple of months ago, according to Mehrotra.

“Now the global recession has spelled further doom for the IT industry. Yes, there have been layoffs in the IT industry in recent weeks,” he said, though not in a very significant way.

Tata Consultancy Services (TCS), one of India’s largest IT firms, has announced a new hiring freeze from September. The company has more than 600,000 employees worldwide and a market capitalization of more than US$200 billion.

On condition of anonymity, a senior software professional working with TCS confirmed by phone about the new hire freeze.

“Since October, our company in Gurugram has been seeing a freeze on hiring new workers. This is a result of the overall global recession. We are one of the largest employers when it comes to the Indian software industry. We look forward to Let it be a temporary phase, and the freeze will be lifted soon,” he added.

A couple of months ago, Money Control, a leading financial and business portal, stated that the outlook for the US and Europe play a key role for Indian IT companies as most of their revenue comes from these markets. .

Citing figures from ratings agency CRISIL (an Indian analytics company), he said the US and Europe together contributed about 86 percent of Indian IT companies’ revenue in the 2021-22 fiscal year.

“Higher-than-anticipated inflation has stoked recession fears, which would mean a cut in IT spending by US and European companies, which in turn would hurt earnings growth for Indian IT companies. “said the Money Control report.

According to the National Association of Software and Services Companies (NASSCOM), an Indian non-governmental trade association and advocacy group that primarily focuses on India’s technology industry, Indian IT industry revenue reached $227 billion. dollars in fiscal year 2021-22 (April 2021-March 2022), a year-over-year growth of 15.5 percent.

According to NASSCOM figures, India’s IT industry added 445,000 new employees in the 2021-22 fiscal year, bringing total employment in the tech sector to 5 million employees.

Estimates by US-based technology research and consulting firm Gartner see IT spending in India rising to $101.8 billion in 2022 from an estimate of $81.89 billion in 2021.

India’s software products industry is expected to reach $100 billion by 2025, even as IT companies here are focusing on investing internationally to expand their global footprint and improve their global delivery centers. ■

(Xinhua)

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