<ul><li>The Indian IT services industry is experiencing a slowdown, with a projected growth rate of 3.5% in FY 2024, significantly lower than the 9.2% YoY growth in FY 2023.</li><li>IT services companies are expected to reduce hiring due to the economic slowdown and lower attrition rates in the coming quarters, stabilizing at a long-term average of 13-15%.</li><li>Excess capacity created during FY 2022 and H1 FY 2023 is a significant factor contributing to the hiring slowdown in the IT sector.</li><li>Companies are focusing on upskilling their current workforce and leveraging existing talent pools as they transition to new technologies like automation and AI, affecting hiring trends in the industry.</li></ul>

Indian IT sector witnesses softening demand, raises concerns about hiring

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