Indian IT sector opened over 500K new jobs in FY2022
The IT services sector in India created more than 500,000 new jobs in the fiscal year of 2022 (FY2022), according to data released by specialist staffing company Xpheno.
This figure doubles the earlier 220,000 to 260,000 projected net growth of the industry’s active workforce.
Xpheno explained that this growth is driven by companies solving their high attrition rate — ranging from 22% to 25% — at the height of the pandemic.
Big Indian IT players — such as TCS, Infosys, Wipro, HCL, and Tech Mahindra, among others —- contributed over 300,000 new employment opportunities for IT professionals.
Meanwhile, multinational companies —- like Accenture, Capgemini, Cognizant, etc. — recorded a net addition of more than 160,000.
Xpheno stated that this growth indicates that the IT industry played a significant role in helping businesses digital transformation and implementation of emerging technologies post-pandemic.
Xpheno co-founder Anil Ethanur noted that most of the net additions came from the fresher segment who are starting to enter the workforce.
Nitin Bhatt, Technology Sector Leader of consulting firm EY-India, said this trend would continue.
“However, availability of digital skills will be a challenge as this talent pool is limited in supply,” he added.
