Key Points
India's top three software exporters - Tata Consultancy Services (TCS), Infosys and HCLTech - are likely to see a fall of nearly 50,000 in headcount this financial year, as a bleak environment for technology services globally looks set to worsen amid geopolitical conflicts in West Asia and Europe, according to multiple industry experts...
Since then, a weak macro economy and tapering demand for technology services have cast a pall on the sector, with prospects likely to further weaken after the latest flareup in Israel, experts said..
On Thursday, while announcing its earnings for the second quarter, India's second-largest IT firm, Infosys, made a rare declaration that it will altogether skip hiring from colleges this year, while industry leader TCS is expected to go slow on fresher hiring...
Experts are of the view that this recruitment slowdown will have huge ramifications on IT freshers, extending into the next fiscal year as well.. "Around nine lakh engineers graduate every year, and even in the worst case scenario, around two lakh get placed across the IT services sector..
At the earnings briefing on Thursday, Infosys CEO Salil Parekh said, "We continue to see the overall environment (of) digital transformation programmes and discretionary spend (being) low, and decision making is slow," adding that deal volumes were still under pressure - the reason for the narrower revenue guidance of 1-2.5% from 1-3.5%...
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