According to industry estimates, the $150-billion industry races to meet the burgeoning demand for technology services worldwide.

The country’s top four software exporters - Tata Consultancy Services, Infosys, HCL Technologies and Wipro - will hire over 120,000 freshers, primarily in India.

“IT Services companies have exhausted their bench and don’t have enough people to deploy on the new projects as they win large deals,” said Kamal Karanth, co-founder, Xpheno, a staffing solutions firm.

IT services firms are not just hiring to meet growing demand but to also plug gaps created by the sharp increase in attrition within these companies, particularly in the last quarter.

Urban joblessness had reached 20.8% in April-June 2020 when India had witnessed a nationwide lockdown due to the pandemic, the Union labour ministry informed Parliament, report says.

The unemployment rate for persons of 15 years and above in the country “during 2017-18 and 2018-19 was 6.0% and 5.8%, respectively”.