'India Is The Best Place To Work, Especially During Recession,' Says Infosys Co-founder

At a time when the World Bank and IMF have already warned about global recession amid continuous interest rate hikes by central banks, mass layoffs and inflationary pressures emptying people¡¯s pockets, Indian IT giant Infosys¡¯ co-founder has made an optimistic statement.

Infosys co-founder Kris Gopalakrishnan has said that India is the best place to work, especially at a time when the world is going through a recession phase. He was speaking at Bangalore Literature Festival 2022 over the weekend.

Last month, RBI Governor, too, made an optimistic statement amid global recession fears, saying that India has a lower risk of recession.

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Also Read: ¡°Don't See Recession Hitting India" Says Hindustan Unilever's CEO

Speaking About Indian IT Industry

Gopalakrishnan said, ¡°The world is going through a severe recession, but the IT industry in India is expected to grow in double digits ¨C roughly about 12% this year. It is expected to recruit nearly 2-3 lakh job seekers this year alone. Also, the Reserve Bank of India (RBI) is predicting India¡¯s growth rate at 6.3%, which is actually higher than that of many other countries,¡± the Infosys co-founder said, as per an Indian Express report, adding the ¡°winter session for startups in India is an economic cycle¡±.

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Ups And Downs Amid Layoffs

Talking about layoffs of Indians by tech giants like Twitter, and Meta among others, Gopalakrishnan recently said he is optimistic about a comeback as every organisation has its ups and downs.

¡°If certain tech giants are failing and Indians are losing jobs, I feel the number of lay-offs is less. This is because when an organisation is failing, they are bound to cut down on operations, and lay off people. I am sure investors understand that. But that does not reduce the scope of young tech aspirants seeking a job in the tech industry in India or elsewhere. There are ups and downs in the course of an economic process.¡± he said.

He also said that India¡¯s automobile, health, retail, and e-commerce sectors are undergoing a massive transformation that is tech-driven and sustainable. He also stressed the need to document the success story of the growth of the Indian IT industry.

Meanwhile, noted journalists Barkha Dutt, P Sainath, and Sashi Kumar discussed press freedom and digital media at the Bangalore Literature Festival 2022, as per the report.

Zero Probability Of Recession In India?

As per a survey of economists by Bloomberg which was released in July, India has zero probability of slipping into recession next year.

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Crisis-hit Sri Lanka has 85% probability of falling into recession in the next year, whereas the chance of a recession in countries like New Zealand, Taiwan, Australia and the Philippines is 33%, 20%, 20% and 8%, respectively, as per the survey.

Also Read: Bank Of England Expects 5 Lakh Job Losses In UK Recession

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