In this video, I’m asking the question: Why is the government so quiet about the recent spate of layoffs in the tech and services industries in India? The recent spate of job losses has hit India hard, and the government is doing nothing to help the situation. In fact, the government seems to be doing everything it can to ignore the issue. This is a troubling trend and one that needs to be addressed. People all across industries are losing jobs all over the world. India is not isolated from the rest of the world so the trickle-down effect is quite obvious. Each day there is an antagonizing story of people losing jobs. Tech, BPO, and IT services are leading the pack in layoffs. One single job loss in this country affects 5 family members. New jobs are not easily forthcoming as the real GDP growth has been stagnant. There is no safety net in India for assisting people during the layoff period. The government on its part is silent. The situation is grim. See this episode to know the extent of distress in the young generation of our country. Background Around 3,000 tech workers are now being let off every day on average in January across the globe, including in India, as more Big Tech companies like Microsoft and Google join the ongoing layoff season. The frequency of the firings has increased as concerns about a worldwide economic recession have grown. 166 IT companies have fired more than 65,000 workers so far. Indian technology services firms may lay off between 80,000 to 120,000 lakh people over the next two quarters, a news report from TheWire said. The situation is grim. Within India, January 2023 alone saw around 7,000 job losses. The Startup Slowdown & Funding Winter? According to startupindia.gov.in “The startup funding landscape has rapidly evolved in the past years due to accelerated adoption of digital tools, increased private equity funds in tech companies, increased private market going public and government initiatives supporting startups. In 2017, a total of $13.7 billion was invested into the Indian startup ecosystem across 820 deals, whereas in 2021, the ecosystem experienced a boom with venture capitalists backing the startups with record investments of $42 billion. This, in addition to the rise of 46 unicorns (companies with $1 billion valuations), has further contributed to India’s growth story. “ “However, in the current times, where the recent announcement by the US Fed on the spike in inflation and hike in interest rates, coupled with the growing geopolitical tension and the impact of the pandemic, the startups are witnessing a funding crunch as the investors are cutting down on investments to startups. As an aftereffect, to withstand the ‘funding winter’, the startups are reducing cash burns, speeding layoffs, and focusing more on generating revenue in their businesses.” It’s time for the government to take action and help these people find new jobs, rather than just sitting on their hands. The economy of India and the future of its people depend on it. The situation is grim. If you like the episode then please like and subscribe to this channel.
#Layoffs #IndianIT #Jobs #HWNews
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