Tuesday, October 20, 2020
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Indian IT on Recovery Track

(Representational Image)

  • Positive results in 3rd Quarter for TCS, Wipro, Infosys
  • Companies to recruit freshers
  • Salary hike for employees who stood by companies during pandemic

E. Aswini Kumar

Hyderabad: There is a positive growth seen in Indian IT sector which was down in the first quarter due to Covid.  The companies are looking for new deals and also at recruiting freshers for the deals to complete.

First and foremost runners are TCS, Wipro, Infosys and Tech Mahindra who announced salary hikes and with share buy backs. While other sectors are down with layoffs, IT sector’s growth increased during the period from June to September. It is known that the largest IT firm in India, TCS, has closed deals worth of 10 billion. First quarter has seen a decline in the market for this sector but now they came up with positive sentiment that was able to grow their business in second half of the year 2020.

IT sector feels that fresh and new opportunities are ahead which will facilitate the momentum. Top headed companies expressed joy with the way their employees made their clients happy during the pandemic period.

According to the National Association of Software and Services Companies (NASS), growth in IT sector will be up by 7.7% with an export business of $147 Billion. Top companies like TCS, Infosys, and HCL technologies faced a severe downfall in the market due to lockdown across US and Europe in the first quarter but they were extremely happy after receiving positive results and trends in the second and third quarters which lead to hike in salaries of their employees. Experts analysed that IT sector will slow down due to the economic crisis in China but with in no time had IT firms bounced back with growth in the market which is pushing them to sign on new deals with confidence.

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