Indian IT industry: Times, they are a changin’…and fast

Just six months ago the Indian IT industry was avidly debating issues such as moonlighting, freshers’ salaries, attrition and WFH (work from home). Today it has shed these worries for new ones as they negotiate global headwinds and what was an employees’ market has quickly metamorphosed into an employers’ market, that has been further empowered by the arrival of of generative AI-powered ChatGPT tools.

“These are all cyclical things. When the demand environment was good, companies hired more people, and salaries went up. Companies started looking at moonlighting with policies. Today, the job recession is back. So, employees will not look at moonlighting as they may lose their jobs,” V Balakrishnan, Chairman, Exfinity Ventures & former CFO of Infosys told the DH.