Indian IT firms to slash tech hiring by 40% in FY24

IT companies in India may cut down hiring of engineers by around 40 percent year-on-year (YoY) in FY24 as they remain wary of the prevailing global outlook, The Economic Times reported citing data from TeamLease.IT firms are expected to hire about 155,000 students from the 2024 batch of engineering campuses compared to 230,000 from the batch of 2023. Inflationary pressures, the Russia-Ukraine crisis, and the US and European banking spiral have made the Indian IT industry cautious. Further, record hiring and attrition numbers in FY22 and H2FY23 have kept costs high.