India’s $167 billion software services industry employed 3.7 million people at the end of December and the 10 largest companies accounted for 38 per cent of them.
India’s top 10 information technology (IT) companies hired 114,390 workforce in 2018, which is more than four-fold increase from the previous year, said a LiveMint story. It said the numbers are the best in five years, with experts predicting a similar trend in 2019.
Two human resources (HR) executives told Mint that most of the jobs added in 2018 may have been because of increased hiring in the US under pressure from the Donald Trump administration; and customers outsourcing large contracts on the condition that the vendors absorb some of their employees.
None of the companies disclosed details of hiring in the US or the number of employees absorbed from clients.
The HR executives, however, claimed that at least half of the net hiring made by companies in 2018 is on account of one of these two reasons.
A Mint analysis said the top five IT firms viz., Tata Consultancy Services Ltd (TCS), Cognizant Technology Services Corp, Infosys Ltd, HCL Technologies Ltd and Wipro Ltd — added 99,010 employees last year against a meagre about 19,360 people in 2017.
The other five tech companies viz., Tech Mahindra Ltd, Larsen & Toubro Infotech Ltd, Mindtree Ltd, Cyient Ltd and Zensar Ltd — added 15,380 engineers in 2018 compared with 2,796 in the corresponding previous year.
India’s $167 billion software services industry employed 3.7 million people at the end of December and the 10 largest companies accounted for 38% of them.