IT services providers created more than 500,000 new jobs in India during the fiscal year ending March 31st, 2022, as the global demand for digital transformation services skyrocketed amid the Covid-19 pandemic.
Even market analysts had not foreseen such a sharp surge in tech jobs, reported the country’s business daily The Economic Times, citing a study by staffing company Xpheno. The market had expected the industry to generate around 250,000 jobs during the period.
According to the report, the country’s top four IT firms -TCS, Infosys, Wipro, and HCL- alone added 243,000 people to their payroll. The remaining jobs were created by foreign multinationals such as Accenture, Capgemini, IBM and Oracle. Smaller IT companies hired around 50,000 new professionals.
The mammoth hiring confirms that India’s IT players have a long pipeline of contracts and that they will continue their hiring spree in the current year as well.
The world looked out for India-based professionals as they attempted to go digital having embraced emerging technologies such as cloud, Internet of Things (IoT), blockchain and artificial intelligence, the daily reported citing industry experts.
What is interesting, however, is homegrown IT companies are increasingly hiring fresh graduates in the hope of upskilling them.
Thanks to the global demand, India’s IT exports exceeded US$250 billion for the first time in FY 2021-22.