Major IT companies in India faced a loss of nearly 70,000 employees in the last financial year.

In the bustling city of New Delhi, the Indian IT services sector is facing a challenging time due to various global economic factors. As a result, the top IT companies have witnessed a decrease in their workforce, with a staggering 70,000 employees leaving in the last fiscal year.

Among the industry giants, Infosys, Tata Consultancy Services, Wipro, and Tech Mahindra have been hit the hardest, with the maximum number of employees leaving in FY24. Infosys alone saw a decrease of 25,994 employees, while TCS and Wipro witnessed a drop of 13,249 and 6,180 employees respectively in the fourth quarter of FY24. For the full year, Wipro's headcount declined by 24,516 employees.

Tech Mahindra, with a total headcount of 145,455 in FY24, also experienced a decline of 795 and 6,945 employees. However, HCLTech was an exception to this trend, as they saw a net addition of 1,537 employees, bringing their total headcount to 227,481 in the last fiscal year.

According to a recent report by Crisil Ratings, the IT services sector in India is likely to witness a second consecutive year of muted revenue growth, with an estimated 5-7% growth in FY25. This slow growth has led to IT companies scaling back on hiring new employees, resulting in a 4% reduction in headcount in December 2023.

Aditya Jhaver, Director of CRISIL Ratings, explained that the decline in technology spending will continue to impact the revenue growth of IT service providers this fiscal year. The banking, financial services, and insurance (BFSI) and retail sectors are expected to see a subdued growth of 4-5%, while the manufacturing and healthcare industries are predicted to have a healthier growth rate of 9-10%.

Despite the challenges faced by the Indian IT services sector, these companies remain resilient and continue to adapt to the changing market conditions. With a focus on innovation and efficiency, these companies are determined to overcome the current slowdown and emerge stronger in the future.

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