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Posted: Mon, Aug 8 2011. 7:27 PM IST
IT hiring likely to fall by one-fourth due to
US ratings downgrade
It might take at least 5-6 months for the recruitment activities of the IT
sector to gain momentum says expert. Job activity in other industries
would be negatively impacted as well
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New Delhi: Hiring activity in the Indian IT sector,
one of the biggest employers in the country, could
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fall by about one-fourth due to the downgrade of the
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US’s credit rating and the deepening economic crisis,
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experts said.
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It might take at least 5-6 months for the recruitment activities of the IT sector to
gain momentum, they said.
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“We are expecting overall almost 26% dip in recruitment in IT industries from first
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quarter of FY’12. It’ll take at least 5-6 months to get the momentum in hiring in IT
industries,” MyHiringClub.com Founder and CEO Rajesh Kumar said.
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“Due to the economic crisis in the US, the Indian IT job market is also going to be
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affected badly. The major reason behind this is cost-cutting in Indian companies’ US
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division. In the near future, Indian IT companies having offices in the US are going
to face a surplus in their existing manpower strength,” he added.
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Echoing a similar view, Info Edge (India) Group President (Finance) and CFO
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Ambarish Raghuvanshi said, “Recruitment would be lagging in the IT space”.
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The US accounts for almost 60% of the revenues of the $60 billion Indian IT
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Experts believe that job activity in other industries would be negatively impacted as
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well.
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“Apart from IT, hiring activity in other industries is also going to impacted,” Concord
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HR Works CEO Sekhar Ghotgalkar said.
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The reaction comes after the US lost its ‘AAA´ credit rating for the first time in
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history, as ratings agency S&P was not convinced with the efforts being made to
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tackle the country’s debt problems. This resulted in a bloodbath in the Indian
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markets.
Most Indian IT firms agreed that while there are fears of another recession in the US
and a debt crisis in Europe, it is still too early to know what is coming.
However, the country’s two largest software exporters, Infosys and TCS, remain
confident of withstanding another downturn.
“It is too early to say. There are fears of another recession in the US and a debt
crisis in Europe,” Infosys CEO and MD Kris Gopalakrishnan said.
Tags - Find More Articles On:
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