Indian IT hiring slump expected for next 2-3 quarters — foundit CEO
NEW DELHI, INDIA — The slowdown in IT hiring in India is expected to continue for the next two to three quarters, according to Sekhar Garisa, CEO of recruitment platform foundit.
In an interview with Financial Express, Garisa added that his prediction “doesn’t mean hiring isn’t happening, it means hiring is happening at a lower rate than before.”
Indian IT giants like Tata Consultancy Services (TCS), Infosys, and Wipro had reduced hiring this year due to sluggish revenue growth. The dampened macroeconomic environment made clients more cautious about discretionary spending, dragging down deal numbers.
Before this slowdown began in mid-2022, robust hiring was seen in previous years as cloud adoption had boosted revenues.
“We also see green shoots in non-IT hiring, around BFSI, retail, manufacturing,” Garisa added. Most non-IT clients of foundit have aggressive growth plans driven by robust demand.
Historically, foundit had more IT customers but its AI-driven platform upgrade aims to attract more non-IT clients.
Besides these, Garisa noted that there is also a more technology-induced slowdown in demand for certain jobs in the country.
“For example, you probably don’t need as many designers, as many content writers, as technology can help make some of those jobs more efficient,” Garisa noted.
Still, other experts are confident that India’s IT industry will reach $350 billion by 2030, with employment also expected to double.
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