Indian IT services firms have learned to have implemented rigorous employee performance evaluation metrics as most of them are resorting to staff retrenchment to withstand the difficult business environment in the wake of the Covid-19 pandemic. According to industry insiders, at least 10,000 software professionals in the country might have already lost their jobs in the April-June quarter, while more are expected to lose their jobs in the coming quarters. The pandemic COVID-19 brought in large challenges in India among the workforce. There were reports of how employee layoffs and pay cuts were gradually becoming prominent across industries based on media reports.
Recovery in the services sector, which dominates the Indian economy, continued to lose momentum in December and fell to a three-month low, owing to competitive pressures and the impact of Covid-19 on demand, showed a widely tracked IHS Markit Purchasing Managers’ Index (PMI) survey. Employment contracted after rising in November for the first time in nine months as companies dealt with liquidity concerns and subdued demand. Services PMI fell to 52.3 in December from 53.7 in November. Global Covid-19 curbs restricted international demand for Indian services. The new export business decreased sharply, but at the slowest pace since March.
The Industrial Equipment industry statistics below are taken from Industry data available pre-Corona virus impact.