Nasscom is predicting that India’s IT sector is going to see unemployment in or after 2008.
Supply of IT professionals is likely to outstrip demand by 48,000 in 2008 with the total number of professonals growing to touch 1.168 million on the projected demand of 1.12 million, Nasscom has said.
Out of the total demand of 1.12 million, IT service exports sector is expected to have a demand of 460,000, the domestic IT sector 520,000 lakh, and products and technology services at 140,000 by 2008, according to the break up of the total projected figure, Nasscom’s strategic review 2004.
Against this, the IT professionals supply pool is likely to be 1.168 million with 568,000 as current pool and 600,000 as new supply, the review said. [The Indian Express]
I guess the US government’s cap on H1B visas will contribute to this too. But Infosys just announced plans to invest Rs 12.5 billion (approx $300m) in a swanky new facility in Chennai designed for 25,000 staff, so its still good times for now. But those entering universities this year need to take note of Nasscom’s prediction.