Business
With Trump in power, the dollar is likely to rally but then weaken
Over the incoming president’s second term, the risks of crises may unwind the greenback’s strength
Nasdaq-listed software firm Freshworks announced its plans to restructure its operations across all locations, including India and the US, by laying off 13 per cent of its workforce. On Wednesday, the company posted lacklustre third quarterly results, with operating loss widening to USD 38.9 million from USD 38.7 million in the same period a year ago.
Total revenue for the quarter improved 22 per cent to USD 186.6 million, but it did not arrest the loss. In an effort to improve operations, the software-as-a-service (SaaS) company founded by then-Chennai-based Girish Mathrubootham plans to cut around 660 jobs.
According to Freshworks CEO Dennis Woodside, the job cuts are expected to incur costs of around USD 11 million to USD 13 million for the upcoming quarter, which will include severance payments and other expenses.
Layoff season is back
The Salesforce competitor joins accounting big-four KPMG as a major brand to announce layoff this week. Reports on Monday said that KPMG was looking to cut at least 330 jobs, or 4 per cent, of its audit workforce in the US.
Last week, the maker of the open-source browser, Mozilla Foundation, announced the layoff of 30 per cent of its workforce.
More job cuts circled the tech sector, with Elon Musk’s X laying off an undisclosed number of people, according to The Verge.
Reports in October also revealed that Samsung cut around 10 per cent of the workforce in Southeast Asia and Australia, and TikTok laid off at least 100 people, mostly in Malaysia.
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Edutech firm Coursera also cut 10 per cent of its roles. However, last month’s major shocker was aircraft maker Boeing, slashing 10 per cent of its massive workforce, impacting at least 17,000 people.
The layoff trend, which was triggered during the Ukraine war scare, has been in full swing for the past two years. While it showed signs of slowing in the middle of 2024, the latest trends since October paint a gloomy picture for professionals working in the tech sector.
Emirates’ partnership with Spotify elevates the inflight experience, providing unparalleled entertainment options for passengers worldwide.
Continue reading Emirates Partners with Spotify for In-Flight Entertainment at Business Traveller.
Quantifying ultimate impact is difficult but there is scope to track dissemination externally. This report identifies and analyses a series of alternative ways to measure research that is rigorous but also relevant and resonating with non-academic audiences. Supported by InTent
With majority of business for the Indian IT sector coming in from the US market, there is both concern and joy for the sector because of the US presidential elections result. One thing is sure: the new Donald Trump regime in the US is expected to remain vocal about ‘America First’. Its policies around visa regulations and offshore IT engagements are likely to reflect on the Indian IT services in the short term.
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During Trump administration’s first term, Indian IT sector reshaped itself, fostering resilience and adaptability. H-1B visa restrictions led Indian IT companies to pivot to US hiring, creating over 1,75,000 jobs by 2019 and expanding local investments. This shift, though challenging, strengthened the Indian IT sector’s ability to meet client needs onshore, while growing demand for digital transformation in North America provided opportunities for Indian IT firms to lead in modernisation and innovation efforts.
“We may see mixed effects on India’s economy. Stricter visa rules could impact Indian IT professionals in the US, but his push to reduce reliance on China might open doors for Indian industries like tech, pharma, and manufacturing. Meanwhile, the growth of American Global Capability Centers (GCCs) in India is likely to continue, as US companies increasingly invest here for skilled talent and strategic offshore operations,” said Neeti Sharma, CEO, TeamLease.
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Of late, the Indian IT industry has been investing significantly on building local delivery capabilities in the US, hiring locals and diversifying its client portfolio by going beyond North America. While the dependence on H-1B is not going to go away, they are better-prepared for the nuanced policy shifts that might take place.
“The good news is that Trump’s new administration is likely to bring in a significant focus on its economy and show changes on the ground. Businesses need cost advantages to remain competitive and talent for deploying the latest technologies. India is extremely well-poised to fulfil these two needs. Hence, I can imagine many more GCCs being set up in India by the US companies to leverage the talent pool available in India and leverage the cost advantages,” said Aditya Narayan Mishra CEO and MD, CIEL HR.
“Secondly, we expect the CIOs (Chief Information Officers) and the boards of many large and mid-sized companies in the US untie their purse strings to deploy the latest tech and thus, a quick pick-up in new orders for our IT services companies. This shift could drive accelerated development of tech hubs in India, fueling growth in emerging tech fields like artificial intelligence, machine learning, cyber security, and cloud solutions.”
Experts with whom THE WEEK spoke to further pointed out that Trump’s win is expected to strengthen the US economy and the dollar, both of which are very beneficial to the IT industry in India. “The possible tax cuts by Trump for domestic production or services would ease pressure on pricing as well as budgets. H-1B visas and the likelihood of dwindling numbers on that will not hurt the IT services given the wide acceptance of remote delivery and that of GCC growth in India. Hence, Trump’s win is certainly more favourable to India on IT industry or Services,” said Subramanian S., founder, president and CEO of Ascent HR.
Many industry stake holders are also positive about the business intent that Trump is known for, the impact for IT industry, which could be a benign regime, particularly for higher value-added skills. Besides, Trump regime needs India to open up some of the sectors that are not open for trade, and so, India might have to open those sectors as well.
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