Indian IT companies witnessing ‘silent layoffs’: What the industry body says, number of job cuts and more

In what can be termed as almost a first, the top six information technology services companies in India reported a reduction in their total headcount in the last fiscal year (FY 2023-24). The big names include TCS, Infosys, LTI-Mindtree, Tech Mahindra and Wipro; with only HCLTech adding employees. The factors contributing to this reduction are said to include the economic slowdown, automation, restructuring, and decreased discretionary spending.