IT is no more a preferred choice among engineers of India today. The once most craved sector is losing its charm to engines and automobile industry.
CVs from engineers with IT experience are on the increase for automobile companies such as Ashok Leyland, Volkswagen, and Maruti-Suzuki, according to a leading media house report. This highlights the predicament which IT sector in India is facing right now.
According to industry regulatory body National Association of Software and Services Companies (NASSCOM), the IT sector in India is witnessing a single-digit growth for the third-consecutive year and jobless growth for the second year as software exporters continue to struggle with declining business from traditional services.
Management consulting firm Bain & Co has pointed out that new technology companies and open source platforms might emerge to provide competition to incumbent IT companies. This may not augur well for the $167-billion Indian IT-business process management industry, which accounts for 55% of the global outsourcing market and has been a predominant supplier of software implementation and maintenance to global businesses at a time when the local players are gearing up to embrace digital faster.
“The IT allure is beginning to wear off as that segment has almost reached a saturation point. The pay growth is also not as good as it once was. So the attraction to join the auto industry is back,” adds Rajan Wadhera, president-automotive division, Mahindra & Mahindra.