Some of India’s largest IT consulting companies won major contracts in the June quarter and their stock prices are rising as a result. Yet, on the hiring front – things are moving quite slowly.
Hiring rates at TCS, Infosys and Wipro decreased by more than 50 percent in the June quarter, according to a report in The Times of India. Together the firms created just 3,400 jobs in April-June quarter, more than a 60 percent decrease compared to the same quarter last year. In the April-June 2012, these three companies had hired over 8,700 persons.
According to Times, TCS added 1,390 persons, while Infosys and Wipro hired 575 and 1,469 professionals respectively. The technology giants had created as many as 16,500 jobs in the first three months of this year.
Given a recent survey by the IT industry body Nasscom, the attrition rate is declining in the country’s IT sector. However, the lobby group predicts that more than 50,000 jobs will be created in the months ahead.
Last year, the Indian IT industry generated $108 billion in revenue, with exports accounting for more than 75 percent of the income. Nasscom projected the industry would grow by 14 percent this year. The IT industry is the largest employer of high-tech jobs in India.