India’s information technology (IT) professionals are experiencing a market resurgence. With the country’s outsourcing sector poised to increase recruitment by nearly 70% in the next financial year, software engineers and other IT workers are being rehired in the high-tech hub of Bangalore.
India's big three outsourcing companies: Tata Consultancy Services (TCS); Infosys; and Wipro, all have plans to boost hiring sharply in the coming financial year. Large multinational companies are also returning to active graduate hiring sprees on university campuses.
All the activity within HR departments of these companies is happening on the back of more than 15% estimated growth in software and services exports, which will translate to US$57 billion in the fiscal year to March 2011.
National Association of Software and Services Companies (Nasscom) president Som Mittal said his association is expecting “net hiring in the ensuing fiscal year to be over 150,000”.
“Spending is coming back, decisions are being made (on new orders),” Nasscom chairman Pramod Bhasin said, adding the industry had “reinvented itself” during the downturn by cutting costs and making itself more efficient. The industry has also worked towards reducing “bench-time”, when workers are idle, waiting for new projects.
India’s outsourcing sector is one of the biggest job creators in the country, employing more than 2.3 million people either directly or indirectly. It is also a mainstay of the national economy accounting for 5.9% of the gross domestic product.
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