Stage set for IT employee suicides

A former techie himself, and now a member of the TDP, Palem Srikanth Reddy struck a chord today when he prophesised that the stage is set for a staggering number of “IT employee suicides”. The Information Technology industry in the City, Srikanth said, is slowly but surely bleeding from within. In the past three weeks alone over 17,000 employees have been fully or partially laid off from their duties by a mere 7 IT firms. And there are at least another 20,000 employees who will be joining them by the end of this month. Put simply in Hyderabad alone there will be anywhere between 35,000 to 37,000 employees who will be out of work by July end. According to conservative estimates, if one were to think of it in monetary terms , we are talking about a monthly salary loss of Rs. 7.50 crores of money being circulated (35,000 employees drawing an average salary of 25,000 Rs per month) into the economy. Srikanth rightly pointed out that, unlike other sectors, the IT sector employees pay top-of-the-line taxes, rent homes, buy flats, cars and two wheelers, patronize movie halls, coffee shops, fashion outlets and fine dining joints. All this will slow down very rapidly and tellingly. The cyclical impact, Srikanth predicted, will be felt by hundreds of small and medium businesses which in turn will lay off thousands of employees. The TDP leader blasted the Government for blissfully turning a blind eye towards this catastrophic development.

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