In stressful times when companies are being forced to do mass layoffs due to the economic slowdown and fears of recession, the Indian IT industry has been debating a different problem that resulted in layoffs at several IT firms. It’s a second job. Most of the major IT companies, including Wipro, HCL, Tech Mahindra, Infosys, and TCS, have come forth to clarify their positions on moonlighting.
In the times of mass global layoffs and the debate over moonlighting also resulting in layoffs, a ray of hope for the job aspirants has been given by Kris Gopalakrishnan, who is the co-founder of Infosys. While addressing the 25th edition of the Bengaluru Tech Summit, Infosys co-founder, Kris Gopalakrishnan mentioned that in the near term, the Indian IT industry is set to hire 2 lakh workers in the face of macro headwinds such as the impending US recession or inflation.
The Indian IT industry has been debating a different problem that resulted in layoffs at several IT firms.
The three-day summit that started this week on Wednesday, will witness the signing of almost nine memorandums of understanding (MoUs) along with the launch of more than 20 products by companies. The summit will be hosting over 575 exhibitors and start-ups from 16 different states of the nation that are participating. He added that the Indian IT industry is looking forward to expanding at a percentage of 8-10% in revenue on a base of $220 billion. AI/ML, blockchain, web 3.0, and the metaverse are all examples of how technology is progressing, which is the reason that the industry is expected to grow at a fast pace.
Kris also mentioned that the IT industry of India is overcoming the challenges it has faced in the past and will expand independently. Infosys co-founder also praised India’s distinctive model of public digital infrastructure and private enterprise, including Unified Payment Interface (UPI) and Open Network for Digital Commerce (ONDC), claiming it is the road map for quicker development and access to services for citizens in developing economies. For the areas where databases are shared and data privacy and protection are concerned, Kris encouraged policy interventions to stimulate innovation across the nation as well as in the world.
A ray of hope for the job aspirants has been given by Kris Gopalakrishnan, who is the co-founder of Infosys.
Companies like Microsoft, Amazon, Meta, Byju’s, Cars24, Meesho, Unacademy, Intel, Credit Suisse, Goldman Sachs, Tesla, Ford, and Twitter, which are considered the giant leaders of the tech industry, mass layoffs have taken place in a lot of firms globally over recent months.
It remains to be seen how India’s IT sector can manage to hire lakhs of people in the midst of all this, with both the IMF and the World Bank already issued warnings about the increased probability of a recession in 2023.