{"id":9719,"date":"2011-07-22T05:07:52","date_gmt":"2011-07-22T05:07:52","guid":{"rendered":""},"modified":"2011-07-22T05:07:52","modified_gmt":"2011-07-22T05:07:52","slug":"India-s-IT-sector-concerned-with-rising-wages","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=9719","title":{"rendered":"India’s IT sector concerned with rising wages"},"content":{"rendered":"

India’s leading software exporters are warning about uncertainties in the global economic climate as they report earnings for their fiscal first quarter<\/strong>.<\/p>\n

While a hike in demand for IT services has helped to boost quarterly earnings, there are concerns that rising wages may pressure margins.<\/p>\n

India’s leading information technology firms – such as Tata, Infosys and Wipro – draw much of their revenue from the US and Europe.<\/strong><\/p>\n

And amid the debt crisis in Europe and worries over high unemployment in the US<\/strong>, there are concerns these will have a negative impact on their earnings.<\/p>\n

IT firms maintain that despite uncertainties, demand for software services is growing.<\/strong><\/p>\n

After the recent global slowdown, they’ve aggressively started looking for business elsewhere to cut their dependence on the US and European markets.<\/strong><\/p>\n

They’re now adding new clients from the Middle East and Asia.<\/strong><\/p>\n

Market leader Tata Consultancy Services reported a 28 per cent growth in business in the April to June quarter as clients outsourced more services.<\/p>\n

Suresh Senapati, chief financial officer of Wipro Technologies, said: “Four customers with a revenue more than US$100 billion (were added) and average revenue of top 10 customers has gone up in excess of US$100 million.”<\/strong><\/p>\n

Despite a rise in profit, margins are being squeezed because of an appreciating rupee.<\/strong><\/p>\n

And the US is now increasingly rejecting visas for Indian tech firms in a bid to boost local jobs.<\/strong><\/p>\n

There has also been pressure on wages.<\/p>\n

Tata Consultancy Services recently announced its largest wage increase in three years to retain talent for future projects.<\/p>\n

SOURCE<\/a>
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