Rajeev Chandrasekhar, India's minister of information technology, stated today that although the government "probably cannot" act to block layoffs in the IT sector, it is striving to guarantee that any job losses are "soft landings," meaning that there is sufficient time to find new employment, as reported by NDTV.
Chandrashekhar asserted that there is sufficient employment for talented individuals—"in fact, there is a deficit"—but he also provided a framework for a 460 crore "reskilling" plan.
He told NDTV that maybe there is a problem where there are people with a certain type of skill, but the need is for a completely different type of skill. Speaking on the sidelines of the India Global Forum meeting in Dubai, he continued, that the government has spent and outlaid about 460 crores to start a digital platform called "FutureSkills Prime"... which will allow young people in the industry to look for alternative skills... so they get the opportunities where the opportunities are.
Rajeev Chandrashekhar further states that the government is asking startups to make their growth assumptions for the next year "more realistic,” reports NDTV. The Covid epidemic and the Russia-Ukraine war are elements in the current state of the world economy. However, he also said that there is a "clear understanding" that "ups and downs" are "in the very DNA" of the IT and startup sectors.
According to estimates, the tech industry has cost roughly 2 lakh people their employees globally. The affected companies include India-based ed-tech company Byju's as well as global heavyweights Facebook and Twitter, who both made significant layoffs in their India operations.
The need for people with technical abilities is still in great demand, whether it be in the tech sector or others.
