Net hiring at top two IT firms drop by two-thirds as demand eases

Tata Consultancy Services (TCS) and Infosys recorded a near two-third drop in cumulative hiring in fiscal 2023 compared to the previous year, as India’s largest software exporters face up to uncertain demand for technology services in key markets like the US and Europe.

Macroeconomic challenges and geopolitical strife in these geographies are posing a severe challenge to the Indian IT majors with hiring expected to be even slower in this fiscal, according to industry experts.