‘Tech sector at $254bn in year of uncertainty’
Wipro is expected to see a decline. Additionally, the top firms collectively reduced their headcount by nearly 50,000 since last April, “GCCs will continue to grow. We have seen a lot of continued interest from the GCC ecosystem and GCCs coming into India in just the first two months of 2024," said Sangeeta Gupta, senior vice-president, Nasscom.
On 25 January, Mint reported that Gujarat is making a concerted effort to facilitate the establishment of additional GCCs at the Gujarat International Finance Tec-City (Gift City). Ghosh said GCCs were “clever at focussing on the fintech sector in GIFT city due to high levels of innovations and tremendous amount of investments flowing into Gujarat’s central business district". Sindhu Gangadharan, vice-chairperson of Nasscom, said Indian GCCs account for 50- 70% of global tech and operations headcounts, with 1,500 GCCs and 1.66 million people, contributing to a market size of $46 billion.
Rajesh Nambiar, chairperson, Nasscom, said the slowdown in hiring was not due to the advent of generative AI. “We love to say we are losing jobs to AI but it is not a fact. The problem is that the pace of technology change and the pace of change in job skills will happen at a much faster rate than our ability to skill people.
We have to obsess about how to skill fast enough for these new jobs," said Ghosh. Upskilling emerged as another key talking point of the IT industry in FY23, as per the Nasscom strategic review. Skilling demand in the Indian IT industry, which is estimated to hire 60,000 employees by the end of March 2024, is buoyed by AI, cloud data, and cybersecurity.
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