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IT companies to hire 3.6 lakh freshers by March, says report

The report estimates IT industry revenue will grow 19-21% in the current fiscal which will be the highest ever for the sector and momentum is expected to continue in the next financial year (FY) and FY 2024.Premium
The report estimates IT industry revenue will grow 19-21% in the current fiscal which will be the highest ever for the sector and momentum is expected to continue in the next financial year (FY) and FY 2024.

  • The report on IT industry insights and forecast said that the IT sector continues to witness an uptrend in attrition with 22.3% in the third quarter, up from 19.5% in the second quarter

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Indian IT companies are expected to hire about 3.6 lakh freshers in the services industry during the current financial year, market intelligence firm Unearthinsight said on Thursday.

The report on IT industry insights and forecast said that the IT sector continues to witness an uptrend in attrition with 22.3% in the third quarter, up from 19.5% in the second quarter, it is expected to be between 22% to 24%.

However, from the financial year 2023 it is likely to improve and come down to 16-18%, the report said.

Unearthinsight founder and CEO Gaurav Vasu said that despite the nationwide severe pandemic wave in the last few weeks, the IT industry growth outlook remains intact and this financial year industry is likely to achieve best ever revenue growth and will continue to add workforce as per the estimates.

"While industry's wage bills are on an upward trend, attrition levels continue to be a matter of concern for industry and it's likely to continue for another quarter before it starts improving from next fiscal year," Vasu said.

The report estimates IT industry revenue will grow 19-21% in the current fiscal which will be the highest ever for the sector and momentum is expected to continue in the next financial year (FY) and FY 2024.

"On the technology side, key IT firms are witnessing excellent growth in their cloud and product and platform business whereas penetration of low-code and no-code platforms is gaining significant momentum," Vasu said.

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