The recent months have been difficult for IT and technology professionals. More than three lakh such professionals have received layoffs. The layoffs have not been restricted to small and medium-sized companies as well some of the biggest global corporations including Google, Amazon, Microsoft, IBM, Yahoo, Dell, Meta and many more have asked hundreds and thousands of employees to quit. Indian IT professionals have also been at the receiving end of mass layoffs, both in India and overseas as companies try to figure out their finances in the wake of the Covid-19 pandemic-induced bump. As companies resort to more job cuts and other measures in a bid to lower their costs, fresh waves of mass layoffs cannot be ruled out, especially as the fears of a slowdown in the global economy turn real.

The impact of the mass layoffs has been widespread in India too, but three sectors in IT have been especially affected. These include financial services, project management, and quality assurance. In financial services, the implementation of robotic process automation, which decreases downtime, and gives companies greater flexibility and scalability when compared to other means, has also contributed to job losses. Processes like document transferring, KYC, and stock monitoring are just one click away.

In project management, exploring technologies that have been able to bring the next big industrial revolution seems to have affected these job positions. The general project management skills were grasping knowledge, implementing smart methodologies, and establishing a feedback loop between the clients and the project head. These processes have been optimized by introducing software and even mobile applications making them 10 times faster. Understandably, tech giants don’t want to rely on human acquirement that slow down the process.

As far as quality control is concerned, data is an essential part of it, irrespective of the field or industry. Human errors sometimes lead to massive failures and misconfigurations that could cost a lot of money. It is mainly to achieve efficiency in operation and cost-effectiveness that companies are making a move towards achieving pinpoint accuracy without human intervention.

The situation looks bleak but there is always a bright side. The impact of global tech layoffs is not expected to

impact the growth of Indian IT firms, but will instead give a boost to Make in India. Before the Union Budget was presented, technologies like Blockchain, AI/ML, Metaverse, and AR/VR were a part of crucial discussions. India is advancing utilizing these innovative technologies to make living easy, provide services to global regions, and modernize through inclusive development strategies. The use of technology in India in every field will continue to rise.

The fundamentals of development, whether as a nation or in terms of technologies, are enabled by three pillars - Industry, Government and Academics. India has shown that it can give a tough fight to competitors in terms of industrial development. In terms of academics, we already know the potential of Gen-Z which has started adapting new technologies. The government needs to support these two pillars so it could sustain and get mobile in terms of advancements. These three pillars are dependent on each other and to achieve sustainability they need to find the perfect connection between them. This is something the industry needs to contribute to.

The industry must office on enhancing its offerings and knowledge in innovative technologies like Blockchain, AI/ML, Metaverse, etc., that are shaping the future of the modern world. Equally important is to explore new concepts, theories, methodologies, and learning mediums to become the best

India is going to become the goldmine for IT firms across the globe. The capabilities and potential Indian techies possess is just extraordinary. Universalization schemes are being introduced to imprint a positive and helpful brand perception for the world about India. Indians are spending more on R&D compared to other countries, investing in knowledge creation, and supporting SMEs to flourish on the proving ground of the global technology market. This opens up new opportunities for the IT firms in India to explore the incomprehensible market globally.

Opportunities are going to be galore and instead of just looking at short-term trends, companies must also prepare for the better times ahead. The Indian IT industry has created a place for itself in the global tech and IT industry but to stay ahead of the curve, it must look at new learnings and develop new capabilities. The industry must office on enhancing its offerings and knowledge in innovative technologies like Blockchain, AI/ML, Metaverse, etc., that are shaping the future of the modern world. Equally important is to explore new concepts, theories, methodologies, and learning mediums to become the best.