Page 28 - The Indian EYE 050523

BUSINESS EYE MAY 05, 2023 | The Indian Eye 28

As slowdown hits tech firms’ hiring, Govt.

tries to provide jobs in other sectors

India’s top five IT services companies added just under 84,000 people to their overall headcount in 2022-23,

compared to the 2. 7 lakh that they added in the previous financial year

OUR BUREAU
New Delhi

n important event recently,
Prime Minister Narendra Modi
Avirtually distributed appoint-
ment letters to 71,000 new recruits
in the Rashtriya Rozgar Mela. Modi
also said that Startups have created
more than four million direct and in-
direct jobs in the country.
But hit by slowing global demand,
India’s top five IT services compa-
nies added just under 84,000 people
to their overall headcount in 2022-23,
compared to the 2. 7 lakh that they
added in the previous financial year.
That’s a 69% drop. The total addition
for TCS, Infosys, Wipro, HCL and
Tech Mahindra last year was slightly
lower than even the addition in the
Covid-hit year of 2020-21.
Infosys and TCS led the addi-
tions, with Infosys adding close to
30,000, and TCS adding 22,600. Tech
Mahindra added the least, at 1,227.
The final quarter was particularly bad,
with Tech Mahindra, Infosys and Wi-
pro reporting declines in headcount. A beneficiary poses for a picture with a cutout of Prime Minister Narendra Modi after receiving his appointment letter during an event on Rozgar
For Wipro, this was the second con- Mela at CCL Auditorium in Ranchi (ANI)
secutive quarter of reduction in the
employee count. In the December ISG, notes that during the period of tually distributed appointment letters the world is seeing India as a bright
quarter, it reported a decline of 500. good growth and high attrition, IT to 71,000 new recruits in the National spot amidst the global challenges of
All these firms have been facing services providers were hiring two Rozgar Mela and congratulated the recession and pandemic.
headwinds. Clients are delaying deci- people for every person who left. candidates and their families for get- But Congress president Mallikar-
sions on tech investments; some are Now, with growth slowing, many ting the appointment letter. jun Kharge took a swipe at Prime
even cancelling projects. This, cou- are sitting idle. This explains why Modi remarked that the govern- Minister Narendra Modi over the
pled with attrition moderating over most of these companies are delaying ment is committed to providing the Rashtriya Rozgar Mela and said that
the last few quarters, led firms to add onboarding of freshers who were giv- right opportunities for the talent and he is distributing “recruitment letters”
fewer people. en offers in the past few months. Hir- energy of the youth to achieve the in the name of employment.
The companies now have a good ing of laterals (those with experience) resolutions of a developed India. The Stating that there are 3,01,750
bench strength to deploy on projects, has dropped sharply. Prime Minister highlighted that the vacancies in Railways, out of which
a lot of it due to the addition of fresh- “Companies have restricted em- process for government recruitment 50,000 letters were given for the
ers. “A lot of them on the bench are ployment to high-demand skills like is taking place at a fast pace in NDA- Ministry of Railways, Kharge called
getting skilled and are getting trained. AI, data science, and cybersecurity,” ruled states from Gujarat to Assam it “Too Little, Too Late”. “Modi ji, is
So, we have quite a leeway for the next Dharshan says. and Uttar Pradesh to Maharashtra. again distributing “recruitment let-
few quarters in terms of the availabil- Following its latest earnings an- He noted that recruitment letters ters” in the name of employment. In
ity of freshers,” Nilanjan Roy, CFO nouncement, TCS said it is trying to to more than 22,000 teachers were the event, 50,000 letters are from the
of Infosys, said at the earnings press develop its resources internally, by handed out in Madhya Pradesh. “This Ministry of Railways only. There are
conference. Including trainees, Infos- upskilling them, rather than looking Rozgar Mela is proof of our commit- 3,01,750 vacancies in Railways. 30
ys had a utilization of only around 76. out for talent in the market. ment towards the youth of the nation,” lakh posts are vacant in government
9% in the final quarter of FY23. The problem of jobs is a worrying Modi added. ministries. “Too Little, Too Late” --
Namratha Dharshan, chief busi- sign for the government which is try- Noting that India is one of the This stunt done in the tenth year of the
ness leader – India Research at tech- ing to show that its policies are creat- fastest growing economies of the Modi government fits perfectly,” the
nology research and advisory firm ing jobs. With this objective, Modi vir- world, the Prime Minister said that Congress president tweeted in Hindi.

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