Page 36 - It Sector News Today

The continuing uncertainties are set to take their toll on hiring, and companies are expected to keep employee addition at "low levels" in the near term, the rating agency said, adding that the net addition is negative in the last two-quarters of FY23

The signs of a slowdown were visible as the sector is grappling with a global slowdown and banking crisis.

The Indian Staffing Federation, a body of 120 recruitment agencies which provided about 60,000 outsourced workers, said nearly 6% or about 3,600 of these workers lost jobs in the March quarter.

Abhishek Agarwal expects the broader indices to catch up in the second half of the year. He believes with a lowering of interest rates and a resurgence of economic momentum, growth companies are projected to give better returns in the second half of the year.

Among the heavyweights, the IT sector was a big drag, clocking 6.3 percent growth, while pharma and healthcare services delivered earnings growth of 3.6 percent and 8 percent, respectively.

Nearly 60,000 outsourced contract workers lost jobs in the information technology sector in the year ending in March as jobs for flexi workers hired through contractors by companies shrank 7.7% from a year earlier, a recruitment body said.

Nearly 60,000 outsourced contract workers lost jobs in India's information technology sector in the year ending in March as jobs for flexi workers hired through contractors by companies shrank 7.7 per cent from a year earlier, a recruitment body said on Tuesday. "The drop in new employment generation within the IT flexi staffing sector mirrored the global slowdown in IT

The outlook for India is very good and assuming that the Indian government continues its reforms process and pays attention to investors coming to India, it is going to be a big boost to the country.

The divestment by foreign investors weighed heavy on the quarterly earnings of the countrys top IT companies with TCS, Infosys, Wipro, HCL Tech, and Tech Mahindra, reporting weak financials that fell short of market expectations

Issues concerning health and nutrition, and labour woes, along with regional disparities in development, that are often sidestepped during election campaigns, will need sustained focus and attention