Indian IT Market Soon to Witness Golden Days

Posted on: Sep-2017 | By: 9 Dimen | Technology

Indian IT market is witnessing huge job loss day by day. Each day we here some news about the layoffs and job slashes. This needs to be changed. This has elevated the dilemma among the people. Average voluntary attrition levels and salary hikes in top segments dropped at the quarter of April–June over past year.

This came in the middle of lesser job opportunities and unsure hiring prospects.

Nasscom has said to the media that the industry will make 20–38% less jobs in fiscal year 2017–2018 than fiscal year 2016–2017. The industry will make 1.3–1.5 Lakh fresh jobs (campus plus lateral) in fiscal year 2017–2018 while it had put on 1.8 Lakh jobs in fiscal year 2016–2017. At its crest, the industry added almost 2.40 Lakh jobs each year.

The situation of the IT industry in India is worsening day by day. Earlier Nasscom said to the media that the industry will make 20–38% less jobs in fiscal year 2017–2018 than fiscal year 2016–2017. The industry will make 1.3–1.5 Lakh fresh jobs (campus plus lateral) in fiscal year 2017–2018 while it had put on 1.8 Lakh jobs in fiscal year 2016–2017. At its crest, the industry added almost 2.40 Lakh jobs each year.

In 2015 and 2014, IT services stayed the leading player with mean hourly salaries at Rs 337.3 and Rs 343.9, respectively, while financial services sector was at Rs 307.9 for both years. In 2016, the index discloses that financial services sector is the highest paying industry with mean hourly salaries at Rs 433 while IT sector grabbed a second place with Rs 386.8.

Looking at the bright side of the situation, telecom sector gave an appraisal of 9.6%, while workers in manufacturing and infrastructure got salary hike of 9% and 9.2%, correspondingly. Area-wise, Bangalore topped the race at a 9.7% followed by Pune and Chennai at 9% and 9.1%, correspondingly. Mumbai, Hyderabad, and Kolkata displayed almost similar rates at 8.7%, 8.9%, and 8.5%, correspondingly. Delhi, the capital city, gave the lowest rate of hike at 7.7%.