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India's AI-driven tech firings could derail middle class dreams
India's largest IT services company has announced it will reduce its workforce by 2% as it gets future ready for AI.
Besides the structural shifts brought about by the advent of AI, TCS's announcement also "reflects the broader growth challenges being faced by India's IT sector", according to global investment banking firm Jeffries. Other emerging sectors such as financial technology startups and GCCs (global capability centres) – which are off-shore units of multinational companies that perform supporting tasks like IT, finance or research and development - are absorbing the rest, but at least "20-25% of fresh graduates will have no jobs," says Ms Sharma. A few months ago Arindam Paul, entrepreneur and founder of the motor technology company Atomberg, warned of the potentially crippling impact of AI on India's middle class in a LinkedIn post.
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