Rajeev Chandrasekhar said India’s digital economy was “the fastest growing digital economy”.
New Delhi:
The trend of multibillion-dollar tech companies announcing mass layoffs drew the disapproval of junior IT minister Rajeev Chandrasekhar on Wednesday, as he invited Indians sacked by the likes of Google, Facebook and Microsoft to return and join companies as Tata Consultancy Services (TCS). ).
“So-called Big Tech companies treating their employees and treating their staff in a rather shabby way is clearly not pleasing to any of us,” Mr Chandrasekhar told NewsMadura.
“Our entire technology economy is growing so fast… we are limited by the availability of talent. I addressed two groups of people who were recently laid off, and I told them to come back to India, because every company in the startup ecosystem is looking for world-class talent,” he said.
“I think there is a growing awareness that India is the place to be for years to come as a digital economy and the opportunities, economy are expanding, and you don’t necessarily have to make the long journey to Silicon Valley,” said Mr. . Chandrasekhar said.
The minister said he had not spoken to the companies because most of them are US-based, but that he had “reached out to those who are struggling”. “I will certainly provide whatever assistance I can to make that little trip back and resettlement here possible,” he said.
Mr Chandrasekhar said India’s digital economy was “the fastest growing digital economy in the world” and there was “huge room for growth”.
“Prime Minister Modi’s policies have made it very, very clear that opportunities are emerging in very diverse areas for young people who either want to work in a particular area or set up their own ventures and franchises and set up their own startups in those areas, ranging from semiconductors to drones, to space,” he said.
“Those who are in the US and are Indian I would say come back here in India and create ideas that can be deployed in the world…come back to India and work for TCS if you are struggling in Silicon Valley with big tech’, said the minister.
Mr Chandrasekhar’s comments come as Big Tech firms and Wall Street titans are leading a series of layoffs in corporate America as companies try to contain costs to cope with a global economic downturn.
Rapid interest rate hikes and weak consumer demand have forced companies such as Amazon, Walt Disney, Facebook owner Meta and US banks to reduce their workforce.
As a pandemic-induced demand boom rapidly eases, tech companies will lay off more than 150,000 workers in 2022, according to tracking site Layoffs.fyi, with more layoffs expected as growth in the world’s largest economies begins to slow
