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As per a recent survey conducted by HYSEA, close to 38% of the organisations that took part in the study believed that revenues would go negative or remain flat in FY2021, while another 24% were unsure. Photo: Mint
As per a recent survey conducted by HYSEA, close to 38% of the organisations that took part in the study believed that revenues would go negative or remain flat in FY2021, while another 24% were unsure. Photo: Mint

Layoff redressal committee set up for IT sector by Telangana government

State government has set up a ‘Layoff Redressal Committee’ and counselled several companies and employees to address their problems during COVID-19 times

Despite slowdown due to COVID-19, the Information Technology sector located here is expected to grow around 10% during the current financial year, a whitepaper by Hyderabad Software Enterprises Association (HYSEA) said.

The Whitepaper, which was prepared along with KPMG, CBRE and Telangana government, was released by Minister for IT and Industries KT Rama Rao on Thursday.

"There is a slowdown expected in FY21, but the industry in Hyderabad is still anticipating growth of around 10%.But this is subject to further uncertainties as we see second and third waves of COVID-19 in many countries," it said.

The pandemic has made more than half of the industry "embrace/expect flat or negative growth."

As per a recent survey conducted by HYSEA, close to 38% of the organisations that took part in the study believed that revenues would go negative or remain flat in FY2021, while another 24% were unsure, it said.

However, about 38% of the participating organisations believed that there would be growth in business, of which 43% are global capacity centres with their headquarters outside India, according to the report.

Rama Rao in his address said there were no major layoffs in Hyderabad IT industry during the pandemic.

The State Government has set up a "Layoff Redressal Committee" and counselled several companies and employees to address their problems during COVID-19 times, he added.

He anticipated that work from home culture may continue for some time given the situation.

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