Tech jobs dwindle with India's top IT firms cutting workforce by 64,000
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India's top IT firms, including Infosys, Wipro, and TCS, have collectively reduced their workforce by almost 64,000 employees in the financial year ending in March. Infosys predicts a meagre 1% to 3% annual revenue growth, while Wipro anticipates a potential revenue decline of 1.5% in the June quarter. The reduction in headcount is attributed to the industry's corrective measures following the excessive hiring spree during the Covid pandemic and the ongoing contraction in demand. The US economy remains robust, but US enterprises are apprehensive about a possible economic slowdown or recession, impacting their IT investment decisions. The decline in headcount is also attributed to shifting demand dynamics and improved operational efficiency. The role of Gen AI in reshaping IT staffing demands is highlighted, with the potential elimination of routine-based testing and coding roles in the coming years. However, the expansion of global capability centers (GCCs) of multinational corporations in India continues to contribute to employment opportunities in the tech sector.

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https://m.economictimes.com/jobs/fresher/tech-jobs-dwindle-with-indias-top-it-firms-cutting-workforce-by-64000/articleshow/109450106.cms