IT sector layoffs: Routine trimming over hyped, says Ravi Shankar Prasad

In the light of the recent reports of layoffs in the IT industry, IT Minister Ravi Shankar Prasad has refused to set the alarm bells ringing.

Speaking to ET Now, he said that the current situation has been exaggerated.

“Some performance related routine trimming is an integral part of any industry and should not be exaggerated. NASSCOM has assured that there is no reason to panic. My ministry is proactively in touch with India IT CEOs to evaluate layoff situation,” Prasad said.

On the issue of foreign companies such as SoftBank and Alibaba driving investment in the Indian startup ecosystem, Prasad was quick to point out that it is time for everyone to change their mindset and embrace the change.

“There is nothing wrong with Indian startup space being driven by SoftBank, Amazon or Alibaba. India must not discriminate against foreign money funding in internet space,” he added.