Firms like IBM, HCL, Hughes Software and CSC opted out of placements this year and hiring by firms like India's largest IT services provider Tata Consultancy Services (TCS), Infosys and Wipro has dropped. Confirming the trend, a placement official from IIT Roorkee said: “While many companies say they have a particular number in mind and would recruit likewise, our alumni network at these companies informs us that these IT giants are exercising restraint in recruiting trainees due to a slowdown.”
Recruitment by IT companies at IIT Kanpur has gone down from 130 students in 2007 to 72 in 2008. With the US slowdown and rupee appreciating against the dollar for most of 2007-08, IT firms are under tremendous pressure to manage margins and costs.
The companies, however, maintain with the boom in other sectors like investment banking and retail, and the urge to be entrepreneurs, IT firms are left with little option but to reduce their hiring from these institutes.