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HCLTech CEO and MD C Vijayakumar said that the lateral hiring would depend on how the year pans out for the company. HCLTech had added over 2,700 employees in the March quarter.
HCLTech added around 12,141 freshers in FY24.
Staffing firm TeamLease Digital predicts a 30% year-on-year decline in hiring for FY24. But the Indian IT sector was not always known for its gloomy hiring scene.
The IT sector was already facing a slowdown due to a drop in demand because of the macroeconomic conditions, but the banking crisis that played out in February-March of this year led to further ramp-down in existing deals of IT companies and cutbacks in discretionary spending.