As growth in India's $150 - billion IT industry slows down, major firms in the sector are beginning to lay off hundreds of employees. After Infosys and Wipro, now IT firm Tech Mahindra could hand out pink slips to many of its employees as it looks to "weed out bottom performers".
Earlier in April, country's apex trade body ASSOCHAM had warned about industry's growth prospect and said: "Aggravated by rising rupee leading to lower realizations for software exports, the Indian IT firms may be forced to displace work force. In that case, the chances of layoffs are real. "
At present, the sector is witnessing layoffs on a major scale for the first time since 2008 - 10 downturn. With a relatvely slow growth and firms looking forward to hire techies from the US, the future can hold more job cuts.
Source: Business Today
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