Growth in employment opportunities is decreasing worldwide. But the situation is quite grim in the case of India. Recently there were some headlines about IT companies cutting off their head count. These headlines had further increased the panic among the students & current employees. There is no confusion that the growth rate in employment opportunities is far lower than the GDP growth rate & much smaller than the growth rate in the employable labor force. Under these circumstances, it is imperative to gauge the current situation, future situation & possible alternatives.
Current Situation – How worse it is?
The situation is serious as of now. India’s top ten IT firms which constitute around 75% of total IT market has added only 208 employees in April –June quarter. Their total employees are 9.53 lakh by end of June quarter. This quarter used to see highest fresh recruitment because in this quarter graduation & post-graduation courses come to end. In top 7 IT firms around 56000 professionals were jobless.