BAD NEWS! Hiring outlook for Indian IT industry weakens on global woes

New Delhi: Weak global cues and a cut in discretionary spending by clients are expected to sharply reduce campus intake by the Indian IT industry this year with market watchers saying that Infosys and HCL Tech's subdued take on hiring signals a tough road ahead for freshers in the near term.

In the opening week of Q2 earnings season, IT biggies TCS, Infosys and HCL Technologies reported a sequential drop in employee tally - a staggering 15,800 on a cumulative basis. JP Morgan's Jamie Dimon has warned that the world is facing the 'most dangerous time in decades'.

Meanwhile, Infosys's headcount fell by 7,530 to 3,28,764 as of September 30, 2023, against 3,36,294 in the June quarter. Infosys, which hired over 50,000 freshers last year, has made it clear that it is not going to campus for recruitment for the time being.

TCS reported a decline (of 6000 quarteron-quarter) with its overall staff count at 6,08,985 at the end of September. (PTI)