Automation, H1-B, ebbing growth: Culprits of layoffs in Indian IT
The Dollar Business Bureau As growth slows for India’s $150 billion IT industry, many IT majors have begun to lay-off mid and senior level employees to account for tapering revenue growth. The probable tightening of H1-B visas under Trump’s reign is also a strong motivator for companies to hire locally for projects based outside India. The global and domestic factors have together concocted a nightmare for IT professionals in India. As a result of automation and increasing use of bots, fruits of cutting edge research in machine learning and artificial intelligence, the IT industry is well poised to replace a huge chunk of its human capital with machines. The threat, which commentators have been worrying about for more than a decade, is ...
Govt lowers growth projection to 7-7.5% for 2015-16
Source: PTI The government on Friday lowered its economic growth forecast for 2015-16 to 7-7.5% from 8.1-8.5%, but said budget deficit target will be met as higher tax revenues offset a shortfall in PSU stake sale. In its Mid-Year Economic Analysis presented in Parliament, the finance ministry said it will be able to stick to fiscal deficit target of 3.9% for the current year, but the target of bringing it down to 3.5% in the next will face pressure from higher outgo on central staff wages due to implementation of the 7th Pay Commission and Defence pensions. “Given the challenges..., we estimate that real GDP for the year as a whole will lie in the 7-7.5% range,” it said, adding that ...
