Indian IT sector

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image source:  telegraphindia The Indian IT sector The flagship software services sector, one of India's largest job creators for educated millennials, has slowed new hiring for this year due to a global recession that has resulted in significantly less business than projected. Last year, Indian software services firms hired a significant number of individuals because business was flourishing, and attrition rates were over 15%. Now, business has slowed, particularly in the two major markets, the United States and Europe, and fewer staff are departing. "What's happening now is that the overall macroeconomic environment is down, so growth is down," says Pareekh Jain, CEO of Pareekh Consulting. Companies overhired last year, assuming a high rate of attrition, which hasn't occurred." Revenue growth in the industry is predicted to decelerate to approximately 5% this year and remain there for some time, a far cry from the previous years' blistering pace. Nassco...