Newton's third law states "For every action, there is an equal and opposite reaction."
It seems Covid-19 has triggered action and the reactions across the world are unprecedented. It's not just a reaction but we can say that it is a chain reaction.
Lockdown and the subsequent developments have hit the majority of the businesses quite hard. Information Technology sector is also at the receiving end now.
Everybody knows that IT companies get projects not only from other IT companies but from other sectors like Insurance, Banking, Healthcare etc. Except for one or two sectors, all the other sectors are badly hit due to Covid-19.
As the customers/clients are staring at huge losses, the IT sector which is dependent on them is also taking the heat.
Hyderabad is one of the major IT hubs in India which is home for 1500 top league IT companies which includes some Fortune-500 firms. Nearly 5 lakh IT professionals are working in these companies.
The trade experts who closely follow IT sector trends are saying that 20% of these employees may lose their jobs and the number is around one lakh.
A popular media house revealed that 2,000 IT employees have received pink slips in the last two days. Some companies are asking their employees not to attend the office until they get a new project.
On the other hand, several companies have given job offers in the last few months. These companies are not ready to take them on board at this stage.
On a whole, the situation appears to be grim for the IT sector for the next few months.
The employees those lost the jobs are requesting their employers at least to give something to buy vegetables and other basic essentials to live.