Tuesday 24 May 2022
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Nasscom says ‘3 million job losses’ fake news; IT sector to hire 96K people in 2021

Nasscom said that automation and RPA have been maturing in the past three years and that has led to a net creation of jobs for the BPM sector

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Indian IT-BPM sector continues to be a net-hirer of skilled talent, clarifies IT industry body Nasscom after a report suggested that the sector could face 3 million job losses in 2022. The top five Indian IT firms are, in fact, planning on hiring 96,000 employees in 2021-22, Nasscom said.

A recent report by Bank of America (BofA) Securities said that the Indian IT outsourcing companies could see a 30% reduction in low-skilled jobs globally by 2022 due to robotic process automation upskilling. This, the report said, translates to 3 million jobs losses.

In response, Nasscom said in a statement, “With the evolution of and increasing automation, the nature of traditional IT jobs and roles will evolve overall leading to the creation of newer jobs. The industry continues to be a net hirer of skilled talent, adding 138,000 people in FY2021.”

The agency also said that the sector has upskilled 2.5 lakh employees in digital skills and hired 40,000 freshers. “With strong deal pipeline it is set to become $ 300-350 billion industry by 2025,” it said in the statement. Currently, the IT-BPM sector revenue is about $ 194 billion.

In addition, Nasscom said that automation and RPA have been maturing in the past three years and that has led to a net creation of jobs for the BPM sector. “The addressable opportunity for BPM according to a Nasscom-McKinsey Report is $ 180-220 billion, leaving significant headroom for growth and jobs,” it added.

The Indian IT industry has been one of the biggest gainers of the pandemic. IT firms saw record deal wins during the pandemic. For instance, TCS clocked deals worth a record $ 9.2 billion in Q4 FY21, its highest ever in a quarter amid a total of over $ 31.5 billion over the last fiscal. Its peer Infosys won $ 14 billion in total, with over 60% in net new deals. Wipro signed 12 large deals with a total contract value of $ 1.4 billion in Q4 FY21.

Hundreds of are jobs are up for grabs and companies are willing to pay a premium to attract and retain quality talent. The top IT firms could hire close to lakh freshers in FY22, in addition to experienced professionals. This has come at the back of increased demand for software services as more companies digitize operations at the back of the pandemic.

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