KTR Downplays IT Crisis

Telangana IT Minister, K Taraka Ramarao downplayed the ongoing crisis in IT Industry and said experts and media is just exaggerating the impact of the crisis on Telangana and Indian IT Industry. In the last week, few employees of Cognizant have approached the Labour Commissioner over such layoffs.

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McKinsey and Co. report, which Head Hunters analyzed, said nearly half of the workforce in the IT services firms will be ‘irrelevant’ over the next 3-4 years. While media is estimating 56000 IT Job cuts this year, the report puts the actual job cuts will be between 1.75 lakh and 2 lakh per year in next three years.

India particularly Telangana is heavily dependent on IT as the industry has the reputation of creating a huge number of high paying jobs. Several poor and middle-class families have their lifestyles upgraded due to IT jobs. So, the country is in fear over this crisis.