📉 India’s IT Industry Faces a Moment of Reckoning
India’s software sector is at a critical junction, highlighted by Tata Consultancy Services (TCS) cutting over 12,000 jobs to adapt amid rapid AI advancements. This decision reflects profound shifts in business models and workforce needs.
Key Insights:
- Job Cuts: TCS reduces its workforce by 2%, signaling broader challenges in the $283bn industry.
- Skills Mismatch: A staggering 1 million AI professionals are needed by 2026, but fewer than 20% of IT workers possess the necessary skills.
- Market Changes: Emerging technology roles are increasing, but traditional IT job absorption has plummeted (from 600,000 to 150,000 new hires annually).
- Economic Impact: Shrinking IT jobs may threaten India’s economic stability and the growth of its middle class.
As AI transforms the landscape, how will firms and professionals adapt? Let’s discuss how we can navigate this evolution together!
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