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<ul><li>A third wave of outsourcing is on its way and <keyword id="6357549" type="UNKNOWN" weightage="20" keywordseo="Indian-IT-companies">Indian IT companies</keyword> like <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword>, Infosys and Tech Mahindra have the most to gain, according to <keyword id="6361649" type="UNKNOWN" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>. </li><li>Riding the third wave, Indian IT services behemoths are on the edge of doubling their market share, seeing double digit revenue growth and wider margins.</li><li>TCS, in particular, will be racing ahead of the rest.</li></ul>There’s obvious opportunity for Indian IT companies like Tata Consultancy Services (TCS), Infosys, HCL Technologies and others as more businesses look to enable ‘work from anywhere’. This will be the third wave of outsourcing this millennium, according to Goldman Sachs, with the potential to double market share for Indian IT services giants, deliver double digit revenue growth and expand margins. <div type="image" title="IT market share to grow goldman sachs" msid="77864245" hostid="261"></div> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Outsourced IT services spend growth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Last 10 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4-5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-2024 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6-8% </td></tr></tbody></table>(Source: Gartner) “After a steep decline of 2.7% in USD revenues for the Top 5 Indian IT firms in FY21E due to the COVID-19 impact, we are expecting a sharp revival in growth over FY22 and FY23E,” said the global investment behemoth Goldman Sachs. The only company that seems to be left behind the fray is Wipro. <div type="image" title="Copy of IT market share to grow goldman sachs" msid="77864258" hostid="261"></div> TCS, on the other hand, may race ahead of the others. It has an edge since it’s the only Indian IT company with greater market share in healthcare than in manufacturing. <div type="image" title="Copy of Copy of IT market share to grow goldman sachs" msid="77864275" hostid="261"></div> “We see TCS as one of the largest beneficiaries of these trends given its wide array of services and capabilities, geographic presence, wide client base, consistent strong execution and ability to work remotely at a large scale with c.450K employees,” said the Goldman Sachs’ report dated August 28. Riding the increased reliance of businesses on digital technology, working from home also cuts down costs like transportation and infrastructure expenses, allowing companies to expand their margin and get a bigger bang for their buck. How Indian IT companies will ride the third wave of outsourcing Demand already exists. History also supports the conclusion that the Indian IT industry is normally a late cycle beneficiary of global changes in technology. When the first wave of outsourcing occurred in 2000 after Y2K — a computer program bug that was expected to cause havoc as the year changed from 1999 to 2000 — the Indian IT sector grew faster than 40% from a small base and minimal global penetration to Indian IT companies becoming market leaders, according to Goldman Sachs. And, again, after the 2008 GFC when the Indian IT industry grew at more than 15% for three to four years before growth returned to high single digits. “This happened both due to a shift to cloud based infrastructure and the higher use of automation tools, forcing Indian IT firms to look for new ways to sell IT solutions, shifting from labor cost arbitrage to business transformation through digital technologies,” explained the report. This is compounded by the fact that India is currently home to the largest pool of digital skilled employees in the world. <div type="image" title="snapshot-1598933384850" msid="77864293" hostid="261"></div> “We believe these digitally trained employees at Indian IT firms are likely to drive overall revenue growth, which would be the key reason for their increasing relevance amid the requirement for digital-at-scale solutions,” said Goldman Sachs. <div type="image" title="pjote chart" msid="77864307" hostid="261"></div> However, not everything is as rosy as it appears Even though businesses are looking to become more digital, recurring revenues for IT companies have been falling as compared to those vendors which specifically provide software as a service (SaaS) and infrastructure as a service (IaaS). In order to address this risk, Goldman Sachs argues that Indian IT services companies will focus more on signing large contracts that look after a client’s entire IT function. These companies also have the option to sell their solutions on a vertical-specialised platform — one that focuses on a specific industry — to increase stickiness of revenue. “Both of the above approaches require more fixed-price and outcome-based contracts with higher risk-reward,” said the global investment firm. Examples of this strategy being applied already exist with Infosys’ deal with Verizon in late 2018 and TCS’ deal with Walgreens Boots Alliance (WBA) for $1.5 billion in February earlier this year. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/dollar-index-is-at-a-two-year-low-and-heres-how-much-it-may-hurt-tcs-infosys-hcl-tech-and-others-if-it-stays-weak/articleshow/77843868.cms">Dollar Index is at a two-year low⁠ and here’s how much it may hurt TCS, Infosys, HCL Tech and others if it stays weak</a> <a href="https://www.businessinsider.in/stock-market/markets/news/there-arent-enough-shares-of-hdfc-bank-indusind-bank-and-kotak-bank-that-foreign-investors-can-buy/articleshow/77798108.cms">There aren’t enough shares of HDFC Bank, IndusInd Bank and Kotak Bank that foreign investors can buy</a> <a href="https://www.businessinsider.in/business/telecom/news/jio-adds-36-75-lakh-while-airtel-lost-47-72-lakh-subscribers-in-may/articleshow/77760669.cms">It's the day Airtel and Vodafone Idea have been waiting for – here’s the AGR case timeline of 26 years</a>

TCS, Infosys and HCL Tech have the most to gain from post COVID wave of outsourcing

<ul><li>TCS and HCL Tech said that they have over a 100 <keyword id="17930214" type="General" weightage="20" keywordseo="genai" source="Orion">genAI</keyword> opportunities in the pipeline.</li><li>They also won a few projects, most of which are in the proof-of-concept or pilot stages.</li><li>Tech companies said they built large-scale genAI capabilities, and are ready to take on projects. </li></ul>Less than a year after ChatGPT was launched, Indian tech majors have started bagging generative AI projects. Even in times when demand is slow, discretionary spends are elusive, the new-age technology is bringing work as well as excitement into the IT outsourcing market. Although the size of the deals is small at the moment, genAI has ‘captured the imagination’ of clients, say top executives of Indian IT companies. TCS and HCL Tech said that most of their <keyword id="19151325" type="General" weightage="20" keywordseo="genai-projects" source="Orion">genAI projects</keyword> are proof-of-concept or pilot stages. “Deal sizes are small and are mostly under $1 million where clients are trying them out. But there is potential to convert a part of our Jaguar Land Rover with AI and ML capabilities,” said N Ganapathy Subramaniam, COO of TCS at the company’s Q2 earnings press conference. HCL Tech’s MD C Vijayakumar too shared that most of the genAI deals they are bagging are either half a million or sub-$1 million deals. But they are currently working on a hundred such opportunities. “We have been selected as a partner by this very large software major for their product testing and sustenance efforts. We are providing GenAI on a private language model to improve resolution rate and speed efficiency,” said Vijayakumar. Infosys CEO Salil Parekh also shared that they are working on some proprietary large language models (LLMs). “AI is a part of almost every deal we do. And, GenAI is getting there. As it expands and more and larger enterprises get into it, it will be very exciting,” he added. A catalog of AI opportunities A few months back, all tech majors announced big moves in the generative AI space. Wipro announced that it will spend as much as $1 billion over three years to build capabilities. TCS, HCL Tech partnered with software major NVIDIA to skill their employees. As of September end, TCS said that they have 100,000-strong GenAI-ready workforce. They said they also have as many as 250 Gen AI opportunities in the pipeline. “When we started generative AI, they were all about knowledge discovery. As clients understand more, the genAI is getting more complicated. We are now working for a co-pilot for a financial advisor on what advice to give clients, help underwriting policies,” explaining K Krithivasan, CEO of TCS. TCS said that it has identified opportunities across various verticals, identified use cases and cataloged them per vertical. With that it says that it’s planning to go and engage with clients and have conversations on the same. “With this, we can have conversations with our clients – be in CRM or payments space and wealth advisory and other use cases,” explained Ganapathy. HCL Tech too is working on use cases related to banking and financial sector. “We signed a generative AI deal with a to improve their risk and compliance efforts – which is a very big effort in financial services. There are a lot of transactions happening on this front, and we have discussed how we can help,” said Vijayakumar. The buzz for cost optimization and automation deals has gone up in the last few months. Clients are looking to ramp down their expenses and intend to use tech to help with their overall cost reduction efforts. As automation gains ground, AI and ML will find more use cases – and most tech companies are confident that a little of it can spill into the new and emerging area of GenAI as well.

Beyond just chats: Indian tech majors start bagging deals in GenAI space

<ul><li>The five large Indian IT services companies — Tata Consultancy Services (TCS), Infosys, HCL Technologies, Wipro, and Tech Mahindra — are trading in the green today. </li><li>The rally in their share price is on the back of Accenture’s fourth-quarter earnings announced last night. </li><li>The company recorded $14 billion in new deal wins, more than half of which came from the outsourcing segment.</li><li>Its growth in revenue was driven by the health and public services vertical. </li></ul>Accenture’s latest earnings report strengthens the optimism for recovery in the Indian IT sector. And the rally in domestic IT stocks is a reflection of that. Tata Consultancy Services (TCS) is among the top movers in the market today. Its Indian IT services peers — Infosys, Wipro, HCL Technologies and Tech Mahindra — India’s top 5 most valuable IT stocks are also glittering green on the back of Accenture’s earnings. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.43% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.07% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.85% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.82% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21% </td></tr></tbody></table>Source: BSE — Share price as of 9:50 am compared to previous day’s closing The fourth-quarter results of the Global IT services company indicate that demand is set to return to the sector. “Strong order booking, driven by outsourcing, implies demand is on the path to normalisation and recovery,” said Motilal Oswal in its report dated September 25. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accenture's order book: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New consulting orders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$6.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New outsourcing orders </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$7.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total new order value </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$14 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New large clients ($100 million plus) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17 </td></tr></tbody></table> The traction seen in outsourcing and the focus on cloud, in particular, bodes well for the Indian IT industry. Of the $14 billion worth of bookings that Accenture had on its books during the fourth quarter, more than half was from outsourcing. As of Q4, 70% of the company’s revenue was coming from businesses like digital, cloud and security — areas where Indian companies have also been doubling down. “The shift to cloud helps build a foundation for digital transformation and deflates costs which can be reinvested by enterprises to fund their digital transformation initiatives,” said Japanese brokerage Nomura. Healthcare — the diamond in the rough The biggest growth driver for Accenture is health and public services. However, that particular vertical is unlikely to benefit Indian IT service companies the same way. Most of them have relatively low exposure to healthcare. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vertical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quarterly growth by Accenture </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Health and public service </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Resources </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Communications, media and technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.3% </td></tr></tbody></table> Nonetheless, TCS — recently having breached the ₹900 lakh crore valuation — is the only Indian IT services giant who’s healthcare market share is greater than its take of the manufacturing market. <div type="image" title="tcs healthcare (1)" msid="78309569" hostid="261" caption="&amp;lt;p&amp;gt;TCS share in the healthcare market&amp;lt;/p&amp;gt;"></div> Accenture’s revenue in the three months ended August fell 2% over the previous quarter to $10.84 billion. For the next fiscal year, the company expects operating margin to be in the range of 14.8% to 15.0%, an expansion of 10 to 30 basis points over the previous year. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/hdfc-bank-and-sbi-customers-are-facing-upi-payment-glitches/articleshow/78293815.cms">HDFC Bank and SBI customers are facing UPI payment glitches</a> <a href="https://www.businessinsider.in/defense/news/drdo-waives-performance-security-for-development-contracts-as-an-incentive-for-the-private-sector/articleshow/78295788.cms">DRDO waives ‘performance security’ for development contracts as an incentive for the private sector</a> <a href="https://www.businessinsider.in/science/space/news/the-first-ever-supermassive-black-hole-to-be-captured-on-camera-has-a-wobbly-shadow/articleshow/78290040.cms">The first-ever supermassive black hole to be captured on camera has a wobbly shadow</a>

TCS, HCL Tech, Infosys, and other IT stocks rally led by Accenture’s outsourcing strength

<ul><li>NASSCOM and Bank of America are at odds about the job cuts set to occur across the Indian IT industry in the ongoing fiscal year.</li><li>Bank of America asserts that up to three million people could find themselves unemployed as a result of automation while NASSCOM asserts that only 1.4 million are employed in the ‘low skill’ segment to begin with.</li><li>Companies in the Indian IT sector may continue to be ‘net hirers’ in FY22, but that doesn’t mean that people won’t be losing their jobs to software programs that can perform day-to-day tasks better than humans. </li></ul>India’s leading information technology (IT) lobby, NASSCOM, and analysts at Bank of America are sparring over how many employees in the sector are set to lose their jobs this year. Whether it's half a million or three million, ‘low skilled’ <keyword id="57650" type="PERSON" weightage="20" keywordseo="IT-jobs">IT jobs</keyword> are under threat of automation — and even the executives recognise this. Bank of America has estimated that Tata Consultancy Services (<keyword id="6357150" type="ORGANIZATION" weightage="20" keywordseo="tcs">TCS</keyword>), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword>, Wipro, Tech Mahindra, Cognizant and others will see a 30% reduction in ‘low-skilled’ jobs globally by 2022 because of robot process automation (RPA). The global financial services company gauged that around 9 million people are employed in such roles in India, which means 3 million — one third of the total — will find themselves unemployed by the end of the year. NASSCOM has hit back saying that only 1.5 million people are employed in low-skilled and BPO roles, not 9 million. Which means, even if there are to be job losses, at the same rate as Bank of America is predicting, they may only amount to around half a million. However, the IT lobby asserts that the sector will be a net creation of jobs in the ongoing fiscal year. <div type="ExtQuote" text="The Industry continues to be a net hirer of skilled talent, adding 138,000 people in FY2021, and robust hiring plans for FY22 with the top 5 Indian IT companies planning to add over 96,000 employees." auname="NASSCOM statement"></div> <cmsannotation type="cmsannotation" annotationid="Who should be afraid of automation?" comment="subhead" text="Who should be afraid of automation?">Who should be afraid of automation?</cmsannotation> RPA isn’t actually robots — it’s software. And it’s programmed to complete specific business processes, which are routine, high-volume activities like routine help desk requests, call centre operations, data migration and other applications. RPAs can be chatbots, virtual assistants, data retrieval as well as claims processing algorithms. The justification for their use — despite the threat to actual human jobs — is that they will allow employees to focus on more specific tasks that require soft skills. At the same time, they will save companies a bucket-load of money. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Job roles in decreasing demand across industries:</td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data entry clerks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Administrative and executive secretaries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accounting, bookkeeping and payroll clerks </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Accountants and auditors </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Business and administrative managers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Client information and customer service works </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">General and operation manages </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial analysts </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sales representatives </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Relationship managers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Human resources specialists </td></tr></tbody></table>Source: World Economic Forum’s ‘Future of Work 2020’ report Bank of America estimates that $100 billion in annual salaries and associated expenses will come in as savings as a result of automation. “Given that robots can function for 24 hrs a day, this represents a significant saving of up to 10:1 versus human labour,” said the report. However, according to NASSCOM, existing business process outsourcing (BPO) employees won’t be impacted by automation because most of the work that is being done now involves “higher end expertise”. That is to say, that ‘low skilled’ jobs have already been ‘filtered out’ — employees were either fired or upskilled — over the last few years. But one of its members, Tech Mahindra, disagrees. During an <a href="https://www.businesstoday.in/current/corporate/it-companies-set-to-slash-3-million-jobs-by-2022-due-to-automation-report/story/441821.html">analyst call</a> in February, the company’s chief financial officer (CFO), Manoj Bhat, disclosed that automation will result in savings for the company. India’s fifth-largest IT exporter also disclosed that it planned to lay off 5,000 employees within its BPO vertical by April this year with chatbots and virtual assistants increasing the productivity per employee. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td colspan="3" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hiring trends by Indian IT companies in the previous and ongoing fiscal years: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian IT company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshers hiring in FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Freshers hiring plans for FY22 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">40,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">26,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Around 9,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">At least 5,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TOTAL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">82,000 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">83,000 </td></tr></tbody></table>Source: Quarterly earnings calls by the respective companies <cmsannotation type="cmsannotation" annotationid="Automation is a global phenomenon — not an India-specific problem" comment="subhead" text="Automation is a global phenomenon — not an India-specific problem">Automation is a global phenomenon — not an India-specific problem</cmsannotation> While India is among those most at risk due to automation, it’s hardly alone in trying to face this dilemma. The US, which was grappling with high unemployment numbers during the pandemic, is set to see 1 million jobs disappear due RPA, according to Bank of America. “We are seeing increasing use of artificial intelligence, robotics, and automation, which can destroy millions of jobs,” American economist <a href="https://www.businessinsider.in/business/news/interview-nouriel-roubini-professor-of-economics-new-york-universitys-stern-school-of-business-talks-about-the-future-of-global-economy-post-covid-19/articleshow/78746518.cms">Nouriel Roubini</a> said during the Business Insider Global Trends Festival 2020. With the COVID-19 crisis, the adoption of automation has accelerated. Globally, around 85 million jobs are on the line, according to the World Economic Forum (<a href="http://www3.weforum.org/docs/WEF_Future_of_Jobs_2020.pdf">WEF</a>). Not just in IT, but other sectors like retail and healthcare. And, India is racing ahead of the rest of the world. <div type="ExtQuote" text="“While 58% [of businesses in India] are accelerating automation of tasks, compared to 50% globally, as many as 87% are accelerating digitalisation of work processes, above the global average of 84%.&quot;" auname="World Economic Forum’s ‘Future of Work 2020’ report"></div> While some jobs may go out the window, new jobs will also be created as a result of automation. Overall, with 85 million jobs expected to disappear globally by 2025, 97 million new jobs will be created, as per the WEF report — that’s a net addition of 12 million jobs. For those caught in the crosshairs of ‘digital transformation’, upskilling and reskilling will be their saving grace. However, that window of opportunity is getting smaller. "The Industry is upskilling more than 250,000 employees in digital skills and has hired more than 40,000 fresh digitally trained talent, indicating at its commitment and investment towards rapid enhancement of workforce capabilities," said NASSCOM. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/sbi-hdfc-icici-and-12-others-banks-are-joining-forces-to-use-blockchain-to-power-letters-of-credit-a-move-that-could-be-a-boon-for-msmes/articleshow/83570874.cms">SBI, HDFC, ICICI and 12 others banks are joining forces to use blockchain to power Letters of Credit — a move that could be a boon for MSMEs</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-download-link-early-access-registration/articleshow/83597180.cms">Battlegrounds Mobile India beta now available, early access rolling out – download and registration links here</a> <a href="https://www.businessinsider.in/cryptocurrency/news/tether-is-a-cryptocurrency-thats-not-volatile-and-pegged-against-the-us-dollar/articleshow/83604895.cms">Tether is a cryptocurrency that's not volatile and pegged against the US Dollar — here's everything you need to know</a>

Whether it's half a million or three million — 'low skilled' IT jobs in India are definitely at risk

<ul><li>At 7:45 am, the SGX Nifty was down 0.18%, indicating a tepid start for Nifty50.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to start subdued on Friday, led by mixed cues from the global markets. At 7:45 am, the SGX Nifty was down 0.18%, indicating a tepid start for Nifty50. However, the <a href="https://www.businessinsider.in/stock-market/news/us-stocks-climb-as-900-billion-stimulus-deal-appears-imminent/articleshow/79782556.cms">US stocks gained on Thursday</a> and marched toward record highs as a $900 billion fiscal stimulus bill to hasten the economic recovery from the COVID-19 pandemic appeared imminent. The Dow Jones Industrial Average closed 0.49% higher, and the S&amp;P 500 was up 0.58%. These are the stocks to watch out for during the trading session today: RIL The Supreme Court has asked Reliance Industries (RIL) to deposit ₹250 crore, which is 50% of the disgorged amount of ₹447.27 crore, as per the orders of the Securities Appellate Tribunal in a case related to the sale of Reliance Petroleum (RPL) shares. Bharat Dynamics, Hindustan Aeronautics, Bharat Forge and other defence stocks Bharat Dynamics, Hindustan Aeronautics, Bharat Forge and other defence stocks will be in focus during the trade today. The defence acquisition council headed by Union Minister Rajnath Singh approved the capital acquisition of various weapons/platforms/equipment/systems required by the Army, the Navy and the Air Force at an approximate overall cost of ₹28,000 crore. HCL Tech, Infosys, TCS and other IT stocks HCL Tech, Infosys, TCS and other IT stocks will be in focus during the trade. The consulting and outsourcing services provider Accenture has raised its full-year sales forecast and beat quarterly revenue estimates on December 17. Tata Consultancy Services’ (TCS) The ₹16,000 crore share buyback programme of Information technology (IT) major Tata Consultancy Services’ (TCS) will open today (December 18). And, the offer will remain open till January 1. Zee Entertainment The board of Zee Entertainment Entertainment (ZEEL) has approved the acquisition of film production and distribution business from Zee Studios, a wholly-owned subsidiary of the former for a cash consideration of ₹275 crore. BPCL Privatisation-bound Bharat Petroleum Corporation (BPCL) board has approved buying out Oman Oil Company’s stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms. The BPCL board at its meeting on Thursday also approved merging Bharat Gas Resources (BGRL) with itself, the company said in a filing to the stock exchanges. Godrej Agrovet The Government of Telangana has allotted an area measuring up to 28,164 hectares in the Mahabubabad District of Telangana to Godrej Agrovet, for the purpose of oil palm cultivation. Canara Bank The Life Insurance Corporation of India has acquired 6.28 crore shares of Canara Bank through the qualified institutional placement, taking its total shareholding in the bank to 8.35% from 4.53%. Dishman Carbogen Dishman Carbogen promoter will sell a 4.4% stake in the company via offer for sale on December 18 and 21 at a set floor price of ₹145.70 per share. SpiceJet SpiceJet would start 30 new domestic flights in a phased manner from next week. Among the 30 flights from Sunday, six will connect Darbhanga in Bihar with Ahmedabad, Pune and Hyderabad, the airline said. PVR The board of cinema hall giant PVR will meet today to discuss its fundraising plans. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/burger-king-ipo-investors-tripled-their-money-in-three-days/articleshow/79761366.cms" data-type="tilCustomLink">Burger King's IPO investors tripled their money in three days</a> <a href="https://www.businessinsider.in/business/news/india-has-a-hot-new-debate-on-its-plate-should-the-likes-of-burger-king-kfc-and-mcdonalds-menus-mention-calories/articleshow/79771040.cms" data-type="tilCustomLink">India has a hot new debate on its plate: Should the likes of Burger King, KFC and McDonald’s menus mention calories?</a>

Top stocks to watch — RIL, TCS, HCL Tech, Zee Entertainment, BPCL, Bharat Dynamics, HAL, Bharat Forge, and others

As against <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> and <keyword id="6357150" type="CITY" weightage="20" keywordseo="TCS">TCS</keyword>, <keyword id="28126" type="CITY" weightage="20" keywordseo="HCL">HCL</keyword> Tech posted better-than-expected July-September results. Its Q2 consolidated net profit was at Rs 2015 crore while dollar revenue was at $1722 million 
 We spoke to Rahul Singh, President, head of <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">Financial Services</keyword> at HCL, to decipher what this means for the IT industry, and some of the challenges being faced by IT companies in India and globally. 
 
“The total IT spend is not changing, how it’s changing is a mix of the spends and mix of the clients where the spend is happening,” he said. 
 
“So long as the company is focused on the areas the right spends are going into, growth rates can be maintained,” Rahul said, as he added that for old age companies, he could see the spends coming down, while for the new age companies, they have been going up. 
 
HCL’s focus 
 
Rahul said, "In non-discretionary elements, HCL is focusing more on automation and autonomics. We are bringing technology for our customers in non-discretionary spends and enabling them to focus more in automation and autonomics." 
 
At the same time, he said, customer is also spending new money on new technology areas. 
 
"We have got products and platforms focusing on that as well. So, we are trying to focus in the areas where customers are reinvesting the spends. That is the reason we are able to see some growth rates," he said. 
 
Impact of the growth numbers on IT industry 
 
HCL claimed today it has retained our guidance both on top line growth and margin this quarter. 
 
"Total IT spend is more or less stagnant. So, there are within industry market shares are going to move up and down. Some will gain and some will lose. Also, many new age companies are coming up, perhaps they are taking away some market shares," said Rahul. 
 
Challenges being faced by IT companies 
 
- Commercial change is happening 
 
Customers are expecting more from service providers. Rahul said, "A lot of the work which customers are giving us today are about more ownership for outcomes being taken by the service provider. Clients will outsource technology, but they will do it on manage-outcome services basis to service providers," 
 
He added- "If a service provider has been working on a TNN basis or staff augmentation basis, then the the business will see compression in both price points and total revenues coming in. While if a service provider is abreast with manage service construct basis, he takes more responsibility and risks, and these are the businesses that do well.” 
 
Secondly, in the past, customers were buying commoditized services, which are mode 1 services. Mode 2 is where consumers are buying more services now. So, service providers are expected to be aligned towards mode 2 services. 
 
With the regard to the loss in faith while outsourcing, Rahul said, “it's to do the way company's philosophy is. Ours is to be as local as we possibly can. We have centers in the US where we work with the local government and create a supply chain of people to come and work with our company. We are socially responsible globally, but I cannot comment on our peers.”

Why HCL Technologies is seeing growth when
others are not

President-elect <keyword id="6354484" type="PERSON" weightage="100" keywordseo="Donald-Trump">Donald Trump</keyword> has said he would not allow Americans to be replaced by foreign workers, in an apparent reference to cases like that of <keyword id="71278" type="CITY" weightage="20" keywordseo="Disney-World">Disney World</keyword> and other American companies wherein people hired on H-1B visas, including Indians, displaced US workers, according to an agency report. 
 "We will fight to protect every last American life," <keyword id="6354862" type="PERSON" weightage="100" keywordseo="Trump">Trump</keyword> told thousands of his supporters in Iowa on Thursday as he referred to the cases of <keyword id="46161" type="CITY" weightage="20" keywordseo="Disney">Disney</keyword> world and other US companies. 
 
"During the campaign I also spent time with American workers who were laid off and forced to train. The foreign workers brought in to replace them. We won't lthis happen anymore," Trump vowed amidst cheers and applause from the audience. 
 
"Can you believe that? You get laid off and then they won't give you your severance pay unless you train the people that are replacing you. I mean, that's actually demeaning maybe more than anything else," he said. 
 
Disney World and two outsourcing companies have been slapped with a federal lawsuit by two of its former technology staff, alleging that they conspired to displace American workers with cheaper foreign labour brought to the US on H-1B visas, mostly from India. 
 The two employees - <keyword id="3344371" type="UNKNOWN" weightage="20" keywordseo="Leo-Perrero">Leo Perrero</keyword> and <keyword id="3940932" type="UNKNOWN" weightage="20" keywordseo="dena-moore">Dena Moore</keyword> - were among 250 Disney tech workers laid off from their jobs at <keyword id="235630" type="COMPANY" weightage="20" keywordseo="Walt-Disney-World">Walt Disney World</keyword> in <keyword id="67774" type="COMPANY" weightage="20" keywordseo="Orlando">Orlando</keyword> in January 2015. They have also dragged two IT companies <keyword id="3940931" type="UNKNOWN" weightage="20" keywordseo="hcl-inc">HCL Inc</keyword> and <keyword id="3940446" type="UNKNOWN" weightage="20" keywordseo="cognizent-technologies">Cognizent Technologies</keyword> into this class action lawsuit. 
 
"You know the name of one of the companies that's doing it. I'm going to be nice because we're trying to get that company back. Don't forget much harder when a company announced a year and a half ago - some of these companies, like Carrier, they announced long before I even knew I was going to be running for president," Trump said. 
 On immigration, Trump reiterated that he will build the wall along the <keyword id="3746" type="COUNTRY" weightage="100" keywordseo="Mexico">Mexico</keyword> border. 
 
"We will put an end to illegal immigration and stop the drugs from pouring into our country, the drugs are pouring into our country, poisoning our youth and plenty of other people," he said. 
 
"We will stop the drugs from pouring into our country. We will stop the drugs from poisoning our great and beautiful and loving youth. OK? We'll do it," he said, adding that the Trump administration will stop the violence that is "spilling across our border."

Donald Trump is already signalling
at job cuts of Indians in the USA

The <a href="http://www.businessinsider.in/searchresult.cms?query=IT+Industry">Indian information and technology industry</a>, it seems like, is mellowing down along with the average <a href="http://www.businessinsider.in/searchresult.cms?query=employee+age">employee age</a> which has increased in the past few years. The sector which ruled the hearts of most Indian graduates for no-less-than three decades hired young engineers in 2000 aging 25 and the numbers differs now with the average age of employees working at these firms at 30. 
 
A recent report in the Economic Times stated that the industry’s slower growth rate over the past five years has forced the top Indian software firms to clamp down on hiring fresh graduates and in fact emphasize on appointing experienced executives at positions that require specific new-age, niche skills for technologies such as cloud computing and analytics. The $146-billion (Rs 9.3 lakh crore) IT industry employs a number of 3 million professionals. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Infosys+">Infosys </a>executive vice-president and global head of talent and technology operations, Binod Hampapur Rahgadore has said, "The average age has steadily gone up - it is around 29 right now." 
 
As per the global HR head of <a href="http://www.businessinsider.in/searchresult.cms?query=HCL+">HCL Technologies</a>, Prithvi Shergill, the average employee age has gone up to 31 from five years backs’ 28. Not just this, but even at India's third-largest software exporter <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword>, the average age has inched up consistently. According to Wipro's latest annual report, 61.5% of the company's total workforce is under the age of 30, compared with 66% for the financial year ended March 2011. 
The <a href="http://www.businessinsider.in/searchresult.cms?query=TCS">Tata Consultancy Services (TCS)</a>, however, did not respond to an email query seeking comment on the matter. 
 "Work is becoming more complex. The amount of time that people see their careers for is reflective of the growth rates of the industry as well," said Shergill, chief human resources officer at <keyword id="30331" type="CITY" weightage="20" keywordseo="HCL-Technologies">HCL Technologies</keyword>. "So people tend to understand the value of staying in the organization longer, so the average age also increases," he further added. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Nasscom">Nasscom</a>, in a separate survey has estimated that software exports might grow by 12-14% in FY2016, which, a decade ago was more than double of what it is now. 
 However, with growth rates slowing down and top outsourcing customers asking for fewer staff on each project, companies like <keyword id="6354512" type="CITY" weightage="20" keywordseo="Infosys">Infosys</keyword> and TCS have been forced to chase non-linear growth and cut back on hiring of recent graduates. This has also resulted in a huge imbalance in terms of demand and supply. 
 India currently produces more engineering graduates annually than the US and China combined. According to AICTE and <keyword id="6372077" type="CITY" weightage="20" keywordseo="Nasscom">Nasscom</keyword> figures, the annual intake of engineering colleges across the country has gone up by at least two to three times over the past six years. India now produces at least 1.5 million engineering graduates annually --more than the 1.2 million produced by US and China combined annually. Compared to that, India's IT industry currently hires about 150,000 employees annually. 
 
The increase in average age also points to another significant shift -- the number of freshers joining startups has also increased over the past five years. 
 
"The balance has also shifted because a large number of young engineering graduates prefer to join startups as opposed to large IT services firms," said the Nasscom executive requesting anonymity. "Also, with bigger companies now pushing for non-linear growth and looking for more experienced people, the numbers have to go up. And slower growth rates have also forced them to cut back on hiring new-comers." 
 
Part of it is linked also to the fact that attrition rates of 19-20 per cent have become the new normal at India's top five software services firms. "When the attrition is high, you have to backfill it from outside. So that's when the average age goes up," Rangadore said. 
 
Image: thinkstock

Increasingly, there are older people working for Top IT firms, not the youth!

NEW DELHI: ​IT services exporter HCL Technologies beat market expectations with a 59 per cent rise in March-quarter profit, helped by increasing demand for outsourcing services. 
 
Consolidated net income for the three months ended March 31 rose to Rs 1624 crore from Rs 1020 crore in the same period a year earlier, HCL Technologies said on Thursday. Profit after Tax (PAT) was up 8.5 per cent QoQ. 
 
ET Now had estimated India's fourth largest software services exporter to report a 3.6 per cent sequential rise in its net profits for the quarter ended March 31 to Rs 1551 core. 
 
“Our leadership has been driven by our commitment towards sustainability, diversity and trust through transparency. With an emergence of an increasingly positive macro environment these values will continue to be HCL’s key differentiators and provide an impetus to our future growth”, said Shiv Nadar, Chairman &amp; Chief Strategy Officer, HCL Technologies. 
 
Revenue rose 30 per cent to Rs 8349 crore. HCL Technologies Ltd has informed BSE that the Board of Directors has declared an interim dividend of Rs 4 per equity share, its 45th consecutive quarter of dividend payout. 
 
The sales for the third quarter rose 2 per cent sequentially to Rs 8,349 crore as compared to Rs 8,184 crore reported in the previous quarter. 
 
HCL's results follow stronger-than-expected profits at Tata Consultancy Services, the No 1 Indian IT services provider, and at No 2 player Infosys. 
 
IT services providers are gearing up for stronger demand this year as an improving global economy encourages the sector's clients to boost spending on technology. 
 
Exports by the country's IT outsourcing sector are expected to rise 13-15 percent in the current fiscal year that started this month, according to the National Association of Software and Services Companies, an industry lobby group.

HCL Technologies Q3 Net Profit Rises 59%; Beats Estimates

NEW DELHI: <keyword id="42747" type="CITY" weightage="40" keywordseo="Tata-Motors">Tata Motors</keyword>, Sesa Sterlite, <keyword id="30331" type="CITY" weightage="40" keywordseo="HCL-Technologies">HCL Technologies</keyword> and Tech Mahindra are among the companies in the BSE 200 index whose net profits during the first nine months of FY14 have exceeded their FY13 full year profits. 
 
An ETIG analysis shows two out of every nine companies that reported net profit during the first nine months of FY14 in the BSE200 index have exceeded their FY13 full year profits. These companies have been able to surpass their previous year’s profits in less than a year on account of either sustained sales growth or better operating and non-operating cost management or both. 
 
This is despite the slowdown and the fact that growth last fiscal was at a decadal low and with indications that it will be below 5% this fiscal too. Many of the companies which managed to top their FY13 profits are either medium or small companies based on their profit potential. 
 For instance, of the top 10 companies in the sample based on their nine-month net profit, only two, including Tata Motors and Sesa Sterlite, reported higher figures relative to the full-year profits for the previous fiscal. Tata Motors is reaping the benefits of higher global demand for its <keyword id="42034" type="COMPANY" weightage="40" keywordseo="Jaguar">Jaguar</keyword> and <keyword id="44719" type="PERSON" weightage="40" keywordseo="Land-Rover">Land Rover</keyword> models while Sesa Sterlite’s profit was boosted due to the merger of two companies — <keyword id="6791454" type="CITY" weightage="40" keywordseo="Sesa-Goa">Sesa Goa</keyword> and Sterlite Industries. 
 
Of the top 50 companies in the sample, only seven reported higher profits in the first three quarters of FY14. Of these two belonged to the IT sector, including HCL Technologies and Tech Mahindra. A weak rupee coupled with better outsourcing demand from the US clients helped these software service exporters. 
 
The acquisition of Axon PLC five years ago has helped HCL Technologies expand its presence in the enterprise and transformational information technology outsourcing solutions. 
 
For Tech Mahindra, a merger with Satyam Computer Services has transformed the firm into a multi-vertical services provider form being a telecom-centric player. This has boosted its bottomline. Telecom services provider Idea Cellular figured in the list helped by improving tariff scenario and data usage among its subscribers. 
 Among mid-sized companies, auto ancillary makers such as Motherson Sumi, Amara Raja, and <keyword id="45365" type="PERSON" weightage="40" keywordseo="Bharat-Forge">Bharat Forge</keyword> and pharma companies including Strides Acrolab, Aurobindo Pharma, IPCA Laboratories feature in the list. Over the last few years, Aurobindo Pharma and IPCA have successfully transformed from being an API company to a formulation firm. 
 
Deeper penetration of the existing portfolio and new launches have helped the companies to scale up US revenue over the last two years. A weaker rupee too helped the companies in the first three quarters of FY14. Aurobindo’s focus on niche segments such as injectibles, respiratory, controlled substances should support growth going forward. It has a pipeline of 308 drug filings, out which 120 are with US. 
 
(With inputs from Joseph Pereira)

Tata Motors, HCL Top FY13 Profits In Just 9 Months

BANGALORE: <keyword id="30331" type="CITY" weightage="40" keywordseo="HCL-Technologies">HCL Technologies</keyword> expects its financial services pipeline in Europe to be in excess of $1 billion (Rs 6,100 crore) this fiscal year, a senior official said, as economy improves and European clients become increasingly comfortable with offshore outsourcing. 
 
India’s fourth-largest software services company, which gets nearly 30% of its revenue from Europe, said it is seeing increased appetite for offshoring from customers in Europe, a market that has in the past shied away from outsourcing technology work to Indian companies. “Financial services pipeline in Europe has never been bigger. About 70% of this is expected to be signed this year,” said Stuart Drew, executive vice-president in charge of HCL’s financial services business in Europe and global head of insurance business. 
 
Drew was referring to the value of the contracts that HCL Technologies was competing for, against Indian peers as well as multinational competitors. Drew, who joined the Noidabased company a decade ago from Deloitte, where he was a senior director in charge of financial services , said HCL’s financial services business in Europe grew 21% last year. 
 
“We expect similar growth this year.” HCL’s buoyant outlook comes at a time when India’s top software companies are betting on continental Europe as their next growth engine. Europe contributes nearly one-third of the $108-billion (. 6.4 lakh crore) IT industry but the bulk of that currently is accounted for by Britain. 
 For years, Indian software companies have struggled to win large contracts from clients in the continental European market, where local companies such as Atos, Capgemini and Siemens have higher market share, as well as multinational providers such as Accenture and <keyword id="10875" type="CITY" weightage="40" keywordseo="IBM">IBM</keyword>. 
 However, over the past few years, top software services providers Infosys, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword> and <keyword id="6357150" type="CITY" weightage="40" keywordseo="TCS">TCS</keyword> have made significant strides and gained market share. They have made acquisitions, increased local hiring and strengthened local delivery centres. 
 HCL Technologies has 4,000 people across nine delivery centres in Europe, including Britain, Drew said. While Wipro hired former T-systems executive Ulrich Meister to head its continental Europe business , Infosys <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> SD Shibulal had said he expects higher growth from countries such as <keyword id="87" type="COUNTRY" weightage="40" keywordseo="Germany">Germany</keyword> and France. India’s fifth-largest firm Tech Mahindra has just agreed to buy a small unit carved out from the IT services division of German chemicals maker BASF, while in 2013, and is open to further acquisitions in the region. 
 
Drew said Indian software companies , for whom success in Europe has so far largely been limited to the UK and Nordic countries, are finding increased business in Europe mainly as large customers look for ways to reduce costs in the aftermath of the 2008 financial crash and the European financial crises that followed. “The barriers are coming down,” he added.

HCL Tech Expects Fin Services Business in Europe to Cross Rs 6,000 crore

Why do you find just a handful of Indian IT companies in the billion dollar fellowship? We take a closer look... 
 Industry experts, consumers, businessmen and entrepreneurs have been waiting for the Indian IT explosion. In fact, big and small IT companies have been mushrooming all over the subcontinent. Yet, when it comes to the coveted billion-dollar club, only a handful of companies (such as HCL, <keyword id="6354512" type="CITY" weightage="40" keywordseo="Infosys">Infosys</keyword>, <keyword id="10862" type="CITY" weightage="40" keywordseo="Wipro">Wipro</keyword>, etc.) have made the cut. Notwithstanding the slowdown, India is doing well in the software and allied services industry, and the companies catering to the segment have been enjoying the billion-dollar guild. However, other segments of the IT industry such as hardware, telecom equipment and packaged software are lagging far behind and are nowhere near the mark. 
 Today, the IT industry is facing major problems related to infrastructure and technology, which are pulling them back. In fact, India lacks the proper environment to develop devices from inception to the final product. Yes, the Indian IT industry is good at conceptualisation, design and innovation, but when it comes to the actual product development, our IT giants outsource it to other countries, which only adds to the costs and lowers their profits. “While research and development is happening in our country, for manufacturing, the sector is looking at countries like China,” says <keyword id="305594" type="PERSON" weightage="40" keywordseo="Rajiv-Bapna">Rajiv Bapna</keyword>, <keyword id="24973" type="POSITION" weightage="40" keywordseo="managing-director">managing director</keyword> at <keyword id="168942" type="COMPANY" weightage="40" keywordseo="Amkette">Amkette</keyword>. 
 
To give you an example, countries like China can build a prototype of a phone within a week or less than that. But the same process in India will take more than a month or in some cases, even two months. This just shows that the IT hardware industry is not equipped to handle such tasks. China is not the only country building a name in the IT hardware. Other South-east Asian countries such as Thailand have also hopped on to the hardware-building bandwagon and are manufacturing various products. 
 The good news is that to overcome this obstacle, the government has taken several initiatives. In fact, it is a big buyer of the IT industry – 25% of the total IT spend in the country comes through it. To give a boost to our nation’s IT manufacturing, the <keyword id="44734" type="ORGANIZATION" weightage="40" keywordseo="Indian-Government">Indian government</keyword> has been working on projects for the past five years to develop more IT parks and industry workplaces. The Indian government is also initiating projects, which will help companies develop and manufacture products such as mobile phones or tablets within the country. 
 Similar plans are also being developed by private players with the help of the governments of <keyword id="37102" type="COMPANY" weightage="40" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> and Gujarat. This will not only generate jobs, but will also bring down the manufacturing, transportation and other costs considerably, in return boosting revenues of the IT companies. That said, however, industry insiders and experts feel that the delay in making concrete decisions is hampering the growth. Faster pronouncement and action from the government is required for rapid expansion and it also needs to spend more on IT services and allied segments. 
 Another way for IT industries to stay ahead – and join the billion-dollar revenue club in time – is to branch out into different verticals. “The IT sector needs to diversify into verticals where there is growth. For example, last year in India, the telecom, infrastructure and utilities verticals have gone through a downturn and have not been presented with opportunities for growth. At the same time, verticals such as banking, healthcare and education have continued to grow,” explains Harsh Chitale, CEO &amp; whole time director at <keyword id="792739" type="COMPANY" weightage="80" keywordseo="HCL-Infosystems-Ltd-">HCL Infosystems Ltd.</keyword> 
 
While you will find an array of IT companies in China under the billion-dollar banner, there are just a few in India that have exceeded that billion-dollar point in returns. If we take a look at the figures, the Indian IT companies contribute just a fraction to the worldwide IT industry. Worldwide projections for the IT industry for 2013 stand at about $3.7 trillion, out of which India will contribute to just 1%. Reports also say that the Indian IT services industry will reach $10.2 billion in 2013 – implying that the rest of the revenues will be generated by other IT segments. This can be a good opportunity for others to capitalise on, but can only be done if proper infrastructure and technology are in place. 
 
The billion-dollar club may have the most sought-after membership, but any Indian firm keen to join the ranks needs serious support and backing up by the government. We need some serious reforms to get the process rolling and make India a manufacturing hub. 
 
Where we stand: A quick view 
-- The India IT services market is forecast to reach $10.2 billion in 2013 – 12% increase from an estimated $9.1 billion in 2012. 
-- Worldwide projection for the IT industry for 2013 is about $3.7 trillion. 
-- Government buys 25% of IT services and devices. Rest is taken up by other sectors and consumers. 
-- India’s IT market size is about 1/8th the market size of China. 
-- Current domestic IT market is worth about $25 billion, which is just about 1% of the total global IT market (while our GDP is about 2% of the global GDP and our population is 20% of the global population). 
 
Worldwide IT Spending Forecast (In billion U.S. dollar) 
<table border="0" cellpadding="0" cellspacing="0" width="666">
	<tbody>
		<tr>
			<td>
				 </td>
			<td>
				2012 
				Spending</td>
			<td>
				2012 
				Growth</td>
			<td>
				2013 
				Spending</td>
			<td>
				2013 
				Growth</td>
			<td>
				2014 
				Spending</td>
			<td>
				2014 
				Growth</td>
		</tr>
		<tr>
			<td>
				Devices</td>
			<td>
				627</td>
			<td>
				2.9%</td>
			<td>
				666</td>
			<td>
				6.3%</td>
			<td>
				694</td>
			<td>
				4.2%</td>
		</tr>
		<tr>
			<td>
				Data Centre Systems</td>
			<td>
				141</td>
			<td>
				2.3%</td>
			<td>
				147</td>
			<td>
				4.5%</td>
			<td>
				154</td>
			<td>
				4.2%</td>
		</tr>
		<tr>
			<td>
				Enterprise Software</td>
			<td>
				278</td>
			<td>
				3.3%</td>
			<td>
				296</td>
			<td>
				6.4%</td>
			<td>
				316</td>
			<td>
				6.8%</td>
		</tr>
		<tr>
			<td>
				IT Services</td>
			<td>
				881</td>
			<td>
				1.8%</td>
			<td>
				927</td>
			<td>
				5.2%</td>
			<td>
				974</td>
			<td>
				5.1%</td>
		</tr>
		<tr>
			<td>
				Telecom Services</td>
			<td>
				1,661</td>
			<td>
				-0.1%</td>
			<td>
				1,701</td>
			<td>
				2.4%</td>
			<td>
				1,742</td>
			<td>
				2.4%</td>
		</tr>
		<tr>
			<td>
				Overall IT</td>
			<td>
				3,588</td>
			<td>
				1.2%</td>
			<td>
				3,737</td>
			<td>
				4.2%</td>
			<td>
				3,881</td>
			<td>
				3.8%</td>
		</tr>
	</tbody>
</table>
 
n By 2016, the Indian IT services sector will grow at 14% and touch Rs 96,600 crore. The hardware industry will grow at 6% and touch Rs 44,400 crore while the software products segment is expected to grow at 14% and reach Rs 34,400 crore. 
Data source: Gartner, HCL and others

The Billion Dollar IT Pie: What’s India’s Share?

<div class="image-container float_right" style="width:400px"><div class="image"></div>Vivek Prakash/Reuters</div>BANGALORE/MUMBAI, March 25 (<keyword id="76338" type="CITY" weightage="60" keywordseo="Reuters">Reuters</keyword>) - <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s IT outsourcers are promoting "mini CEOs" capable of running businesses on their own, while trimming down on the hordes of entry-level computer coders they normally hire as they try to squeeze more profits out of their staff.
The shift by Infosys Ltd and others is symptomatic of a maturing industry that wants more revenue from its own intellectual property instead of providing only labour-intensive, lower-margin <keyword id="6363148" type="TECHNOLOGY" weightage="60" keywordseo="information-Technology">information technology</keyword> and back-office services.
For young graduates who see the $108 billion IT industry as a sure pathway to modern India's growing middle class, the transformation is unsettling.
Dozens of industry aspirants who were recruited on campus by No. 4 player HCL Technologies recently protested outside its offices in several cities. They were offered jobs in 2011 before graduating last year but have not yet been given joining dates - or paychecks.
"Dear H.R. You were also a fresher... once," read a sign carried by two protesters in a photo in The Hindu newspaper.
HCL's December quarter profits and revenues rose while staff numbers shrank - a rare trick in an industry that has long aspired to break the linear relationship between headcount and revenue growth.
Just 20 percent of the 5,000-6,000 campus recruits offered HCL jobs in 2011 have been taken on board since graduation last summer, and HCL said it made no offers in 2012 to students who would graduate in June 2013.
Slower growth, fewer people leaving, greater demand by customers for experienced staff, and increased productivity through automation and software have put pressure on all recruits, according to HCL, which said it expects to accelerate bringing entry-level staff on board from August.
"It's not that the demand doesn't exist. It exists for different skills," said Ajay Davessar, HCL's head of external communications.
"Typical roles which a student thinks, 'I'll just go there and start coding, and have a good life,' are being tested to reality... Any applicant, be it fresher or senior, will have to have flexibility in applying the skills elsewhere."
FEWER 'CODING COOLIES'
<keyword id="6358815" type="COMPANY" weightage="60" keywordseo="tech">Tech</keyword> Mahindra Ltd, the No.5 player, is naming 100 of what it calls mini-CEOs who will be given broad latitude to run their parts of the business.
"We're moving towards a situation like the developed economies, where we're asking the people to be more deep," said Sujitha Karnad, who heads human resources at Tech Mahindra.
"We want more solution architects to be here. We don't want the coding coolies anymore, that's clear," Karnad said, employing a term commonly used in India in association with menial labourers.
While plenty of Indian back office work such as technical support, processing insurance claims or staffing call centres will remain labour-intensive, software services firms are looking to move up the value chain, which means relying less on the time and toil of staff.
Growth in revenue per employee across the industry could expand to 5 percent a year in the next two years from about 3 percent over the past five, said Forrester Research principal analyst Frederic Giron. The growth rate is likely to accelerate from around 2015 as intellectual property-based work accounts for a growing share of the total, he said.
India's IT services industry grew in large part because of the availability of cheap skilled labour, an advantage that is eroding as wages and other costs in India rise.
In years past, it was cost-effective for IT companies to hire new graduates by the thousands and keep a portion on the "bench" awaiting deployment on a client project.
But budget-constrained clients now demand shorter lead times. IT vendors that might have hired people six months in advance of an expected contract are now working with a one- or two-month window, said Surabhi Mathur Gandhi, senior vice president at TeamLease, a staffing consultancy.
Traditionally, about 30 percent of Indian IT services industry staff are on the bench at any given time, often in training, as they await deployment to client work.
In the December quarter, about 70 percent of Infosys staff and less than 65 percent at No. 3 provider Wipro were deployed on billable projects. At Tata Consultancy Services , the largest Indian IT services company, the figure was 72 percent, within what Ajoyendra Mukherjee, its human resources head, calls the comfort range of 70 to 74 percent utilisation.
"I think we can push it up to 75, 76," he said.
Another IT services company, iGate Corp, envisions a future where just 10 percent of staff sit on the bench, said Srinivas Kandula, its human resources head, who predicts that the size of its bench will shrink by 2 or 3 percentage points a year over the next five years.
BACK-UP PLAN
Shorter benches mean a smaller share of hiring is direct from campuses, as seasoned professionals moving from a competitor would be less willing to wait to be deployed and firms are reluctant to pay them to do so.
Companies are also binding hires, especially experienced ones, with three-month notice periods and no-buy-out clauses, compared with one-month notice periods previously.
Among top-tier companies that are most actively trying to push non-linear growth where revenues are not constrained by the size of the work force, about 70 percent of employees are experienced staff, up from 60 percent in 2008, said Rajiv Srinivas, an associate director at Tech Mahindra, who expects that to rise to about 90 percent in the next two or three years.
At Infosys, while the net quarterly addition of employees fell from 4,906 people in the March quarter last year to 977 in the December quarter (excluding an acquisition), lateral recruitment held steady at an average of about 4,300 staff per quarter through December, meaning the percentage of campus hires was much lower.
"Earlier, the focus was more on career ... You get into a job, you start learning, and slowly acquire knowledge over a period of time," said Sunil Gupta, who joined Infosys as vice president of quality about six months ago from the Indian unit of CGI Group's Logica Plc.
"Today the value of a professional is judged by how quickly you're learning, how quickly you're adapting yourself and changing along with the environment," he said.
For young Indians who saw IT as a ticket into the middle class, the change means that career path is becoming less clear. Those who do break in and build valuable skills will remain in demand, but the days of young IT staffers brandishing five or more competing offers are over.
Yet that hasn't necessarily translated into slower wage growth. Mercer LLC expects industry salaries to grow 12 percent this year, the same as in 2012. As India's economy diversifies, graduates have more attractive career options, including at multinationals with a growing India presence, such as Google Inc , which means IT vendors must fight to stay attractive.
"We see IT companies as a back-up," said S. S. Jayaram, a final-year engineering student in Bangalore who says he chose a job in India with Mu Sigma Inc, a fast-growing U.S.-based data analytics company, over offers from IBM and TCS. (Editing by Emily Kaiser)
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