Indian Tech Industry Records 27,000 Layoffs in First Half of 2023

The Indian tech industry has gone through a turbulent phase in the first two quarters of 2023, as it witnessed the termination of a massive 27,000 jobs. Tech industries all over the world have been facing this period of drought as lakhs of professionals have lost their jobs in Western nations as well. As per an IANS report, over 1,61,000 people were laid off by 10,46 tech firms around the globe, which has naturally affected their operations in India as well. Companies like Apple have indefinitely imposed a hiring freeze to cut down their costs.
There are several factors that have caused these after-effects on the Indian tech industry. The Covid-19 pandemic alone caused massive damage to the global economy in a span of two years. Furthermore, most of Western nations are indirectly engaged in an economic battle with Russia amidst the ongoing Ukraine conflict. Since most tech conglomerates in the world are based out of the United States or Europe, the Indian tech industry has also been greatly affected by these events.