This in turn creates jobs as many companies can outsource jobs to.
Post Date – 12:00 AM, Saturday – 11/26/22
Hyderabad: If a recession hits the US as predicted, it will slow overall growth in the IT industry. However, this could be very beneficial to some companies in India, especially the IT hubs of Hyderabad, Bangalore and Pune.
This is because many companies can outsource jobs to, which in turn creates jobs. Also, jobs outsourced to India have lifted orders from some voice-based call centers.
More jobs are coming to India, including Hyderabad, according to Manisha Saboo, chairman of industry body Hyderabad Software Enterprises Association and head of Infosys Hyderabad Special Economic Zone Center. There will be opportunities in new areas such as animation, semiconductors and the mobile valley.
Hyderabad will continue to be attractive due to its thriving IT and startup ecosystem. Companies will have no problem getting the skills they need here. The Telangana Skills and Knowledge Academy is also working hard to train manpower according to industry requirements. Beyond that, the state government is embarking on various developments to build quality infrastructure that will be a driver of growth, she said, adding that Hysea is also working with universities as part of its talent management efforts.
“We are seeing more and more companies setting up their Global Competence Centers (GCC) here. Several companies have announced their GCCs here recently. These centers create global products and solutions. Among them, with the Internet With the rise of devices, embedded technology will be a key aspect. They will also focus on security and access,” Saboo said.
“Outsourcing can be massive. For example, we see the possibility of outsourcing the entire IT department, rather than assigning parts of the work to the company,” she said.
Previously, outsourcing projects were only due to cost arbitrage given by Indian companies. Even now that this continues, more and more companies are assigning jobs to India seeking higher level skills to handle R&D, product development and similar jobs which are the top of the pyramid in the outsourced value chain.
Several industry experts and military veterans are returning to India after working in the US. “Working with someone like this will be good for the company because they are familiar with the business culture and don’t need to reposition,” she said.
Rajiv Chilaka, chairman of industry body Telangana VFX, Animation and Gaming Association (TVAGA) and founder and CEO of Hyderabad-based Green Gold Animations, said the city is also benefiting from the work-from-home still in place in other offshore markets. Some orders were outsourced to Indian cities including Hyderabad as they were not yet working in the office. He said most of the employees working at the company in Hyderabad have resumed work from their respective offices.
With companies here using new technologies like Unreal Game Engine and the state government focusing on the skills side of the industry, Hyderabad has been getting some high-end post-production assignments, he said.
“Hiring trends in automotive, IT, solar, electric vehicles and technology are positive. In technology, the IT services sector is cautious as many are thinking about a possible recession in the U.S. If there is a recession, The growth plans of IT companies will be affected. However, the recession will also increase outsourcing to India,” Deepak Agrawal, co-founder and CEO of TurboHire, said earlier.
Outsourcing will also increase office space demand, which will help the real estate industry.
However, employees working in the US will be on the brink as a large number of US companies have announced layoffs or planned layoffs.