Between 30%-40% of more than 300,000 technology jobs lost to layoffs globally could move to outsourcing hubs like India in the coming months, reports The Economic Times, citing staffing firms. A lot of these jobs are likely to be redistributed across the existing workforce of large tech companies in India, they said. Sanjay Shetty, director-professional search and selection, Randstad India, expects 30%-40% of tech jobs that were cut globally to move to India by 2024-2025. “India is going to be the biggest gainer in the medium to long term, as almost every company that we speak to is looking at expanding its India base,” Shetty told the Economic Times. Over the last year, global technology companies and technology service arms of multinationals such as Google, Microsoft, Meta, Amazon and Salesforce have announced multiple rounds of layoffs. So have large banking and telecom majors.

Data from staffing firm Xpheno shows that while the India workforce of big tech companies accounts for about 17% of their global staff strength, it has grown by 35% in the last 12 months compared with 12% headcount addition in the rest of the world. Meanwhile, Neeti Sharma, president and cofounder of Teamlease Edtech, said many companies have started upskilling and reskilling their employees to take over roles, in part or entirely, for the jobs rationalised elsewhere.