According to data compiled from LinkedIn and other well-known job boards, the number of active job openings in India’s information technology sector fell by a record-breaking 60% year over year this month.
According to experts on the job market, tech firms are being cautious about growing their payrolls due to concerns about the bleak macroeconomic outlook for the world, the possibility of a Western recession, and ongoing demand uncertainty.
The tech sector’s contribution in Jan 2020:
The data compiled for the Economic Times by specialized staffing firm Xpheno shows that the tech sector, which includes services, products, and internet-enabled start-ups, produced 112,000 active jobs this month, a significant decrease from 273,000 open jobs in January 2022 and below the 124,000 active jobs from the previous month.
This has also brought down the tech sector’s contribution to the overall active white-collar jobs in the country to a record low of 40 per cent, down from its previous dominant position of 84 per cent in January 2022.
Information technology being the backbone:
Innovation is fuelled by information technology, and development is the key to business success. Business innovation has a similar effect on the economy as steam had on the industrial revolution. It’s difficult to think of a single industry that has not benefited from the digital revolution.
A company’s technical infrastructure is just as crucial to its success as any other component. They assist you in improving how your business operates. A small team or even a small business can benefit from web development or app development services.
An IT company, which is a big business with lots of employees and a high turnover, can assist you in managing your technology infrastructure and offering support when necessary to ensure the efficient operation of your company. A business cannot succeed without the support of IT firms.
