The Indian IT sector is in a very bad shape, because of which the industry had to lay off employees in the thousands. This year, the Indian IT sector will be cutting down hiring through colleges placements by at least 40%. Industry giants will be prioritising placing recruits hired last year.

Currently, the job market for the Indian IT industry is extremely competitive due to companies increasingly laying off employees as a cost-cutting measure. Whether it’s a startup, a medium-sized company, or a major corporation like Microsoft and Google, the wave of layoffs has impacted the majority of tech companies.

In light of this situation, an analysis conducted by recruitment firm TeamLease Digital has revealed that most Indian IT companies are planning to hire 40 per cent fewer freshers during the financial year 2023-2024.

No room for freshers

According to a report from LiveMint citing the analysis, it is projected that Indian IT firms will recruit approximately 155,000 students from campuses in 2023-2024. However, in 2022-2023, this number was a significant 230,000.