The global economy is slowing down. Markets worldwide are flashing warning signs that the global economy is stumbling on a cliff’s edge. While the United States is dealing with a fast incoming recession, the European states are battling inflation as the prices of essentials like gas and food continue to rise.
Experts say that the aftermath of the Russia-Ukraine crisis, China’s draconian pandemic policies, and runaway inflation clubbed with the United States Federal Reserve raising interest rates aggressively has pushed the world into a recession which is having a direct impact on the IT sector and employment in the United States. From Byju’s to Zomato and even mega giants including Google, Cisco, Twitter, Meta and Amazon, many companies have announced layoffs in recent months. Its ripple effects are seen even in India.
However, not everything is bleak, even in these times. While the US recession will slow growth in general, many companies could outsource the quantum of work. This, in turn, will create more employment opportunities in India. India today no longer outsources just voice-based call centres and BPO services. The kind of work being outsourced globally from our workforce ranges from IT jobs to data processing, photo-editing, CRM and even CAD drafting, rendering and more. In turn, this recession might be quite beneficial for some companies in India, especially the IT hubs in Hyderabad, Bengaluru and Pune.
Manisha Saboo, the President of the industry body Hyderabad Software Enterprises Association and Infosys Hyderabad SEZ Centre Head, predicts that more work will come to India, including the city of Hyderabad. There will be ample opportunities in animation, semiconductors and new segments like the Mobility Valley in the coming years.
A thriving IT and start-up ecosystem in Hyderabad will ensure that it continues to attract stakeholders even during the recession. The availability of skilled personnel will take care that companies face no problems in getting the required skilled talent here. Simultaneously, the Telangana Academy of Skills and Knowledge is working on training human resources to meet the industry’s requirements. The state government is also undertaking various development programmes enabling the creation of quality infrastructure. These aspects will be a driving factor of growth in coming years, according to experts.
A lot of companies have started setting up their Global Capability Centres (GCCs) in Hyderabad today. These centres will be the driving force of growth and help create global products and solutions.
Earlier, outsourcing works were given to Indian companies only due to the cost arbitrage they gave over the rest. And although that continues now, more companies are assigning work to India in their search for higher-order skills to handle research and development, product development and similar jobs, which are at the top of the pyramid in the outsourcing value chain.
Outsourcing isn’t also limited to just partial jobs anymore. With the recession in the picture, the outsourcing scale can be large. For instance, instead of assigning a part of the work to the companies, experts see the possibility of the entire IT department getting outsourced in the coming months.
The city is also benefitting from the work-from-home still practised in other offshore markets. Since many international organizations are not yet working from offices, some orders were being outsourced to Indian cities, including Hyderabad.
This is likely to also have a positive impact on the real estate market in the city. With demands for both commercial and residential spaces expected to rise, this is the perfect opportunity to invest in land in Hyderabad today.
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