Far bigger impact of TCS layoffs
Firstly when official layoff figure is 2%, very high chances are that the layoff impact far higher number unofficially.
Second. TCS is the biggest IT employer. So very soon small to mid IT companies too, shall follow this.
Thirdly. All these companies will specifically target mid to senior ppl. On an average these ppl earn 20L/annum. Which is far higher than national average and contribute significantly to taxes and expenses like house, vehicle etc. So if laid off ppl not able to pay their EMIs on time or not purchasing the house, it will impact auto, real estate & banks very negatively. Evn if ppl are not paid off, they will postpone the flat, vehicle purchase or vacation plans etc. So this impact will not be limited to IT sector only.. Auto, FMCG & banking sector might still survive with rural demand support. But real estate in primarily IT cities like bangalore, pune or gurugram will be massively hit. So does stocks of these companies too.
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I wonder if majority people get laid off, like 2-3% from all major companies, who is going to work. Because we know AI capabilities isn’t that native/strong in Indian MNC. And with so many people out of jobs, who is going to buy products that ultimately these companies provide services for (OTT, e-commerce, cars, you name it)