Analysts warn of massive layoffs across the country's multi—billion-dollar giant information technology sector.This massive layoff is due to failure to keep up with new technologies.
Business papers and analysts have reported that major IT firms are gradually laying off thousands of staff.Researchers, on the other hand, say that hundreds of thousands of jobs could disappear in the next four years, the companies even agree themselves but have refused to comment on numbers.
India's IT sector was booming for the past two decades as Western companies subcontracted work to firms like Infosys, Wipro, and Tech Mahindra, taking advantage of their flexible skilled English—speaking workforce.
But in regard to the current situation, Nasscom estimates automation could mean a 14 percent decline in India's IT workforce with 480,000 jobs at risk by 2021.This is sure to pass chills in the spine for the IT employees.
