Winning Bizness Desk
Mumbai. In the first half of this year 2023, from big tech companies to startups, more than 2.12 lakh employees have been laid off. Many people lost their jobs in the cost cutting exercise. According to data from layoffs tracking site Layoffs.fyi, as of June 30, total 819 tech companies have let go of around 212,221 employees. In comparison, 1,46 tech companies laid off 1.61 lakh employees in 2022. Overall, around 3.8 lakh tech workers have lost their jobs between 2022 and June this year. As more and more big tech companies continue to lay off employees, they cited a variety of reasons behind the layoff moves. Many big tech companies have said they have cut jobs due to high hiring, uncertain global economic conditions and repursissons of the Covid-19 pandemic.
40% more job cuts than last year
More than 11,000 Indian startups have laid off employees so far this year, nearly 40 percent more than the same period last year. India now accounts for nearly 5 percent of the startup workforce globally. According to data from Inc42, 102 Indian startups have laid off more than 27,000 employees during cross-cutting in 2022. There are about 22 ed-tech startups in India, out of which 7 ed-tech companies have laid off about 10,000 employees so far. Also, there were no new unicorns in India in the first half of 2023. Because between January and June, startup funding fell by 70 percent compared to a year ago. Job cuts continue in the startup sector. If this situation continues like this, we will have to face economic recession in the future.
40% more job cuts than last year
Indian startups raised only $5.48 billion in the first six months, according to data of market intelligence firm Trackers. They had raised $19.5 billion during the same period last year. US IT sector companies are still showing signs of recession. Many people have already said that this year is a recession. It is seen that it is now gaining recognition. Amazon has cut 9,000 jobs as its quarterly profit is expected to fall sharply.
