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Infosys Technologies Chief Operating Officer, Mr S.D. Shibulal, on Wednesday asserted that end of tax breaks under the STP scheme (as indicated by the Budget) will not impact the company's hiring plans for the quarter or in near term.
“No, it will nh ot change our hiring plans….We have given our numbers already…Our growth is dependent on the global demand for work and supply (of talent),” Mr Shibulal told Business Line on sidelines of a conference organised by All India Management Association (AIMA).
He said that the ending of the STP scheme may have some short or medium term implications for the industry but it will not change the “direction in which the country is moving.” On whether the Union Budget's pronouncements could slowdown the pace of job creation by the Indian IT industry, Mr Shibulal said, “I do not believe any regulatory shift will change the broad direction in which the country is moving.”
“If you look at the global demand, it is huge…and the talent available for the growth is in this part of the world. So looking at demand and supply, the industry will continue to grow,” he said.
headcount
In an investor call post Q3 earnings announcement, Infosys had said that it expects to end the current fiscal by hiring 40,000 people, against 30,000 headcount additions anticipated at the start of the year. “For the next year, we are proposing to offer 26,000 in the campuses. About 20,000 have been offered. We will give you the number for next year in April but it is an indication that we are looking at growth in the next year or so,” Mr Gopalakrishnan had told analysts.
Budget disappointments
The industry got a rude jolt when the Budget did not extend the tax benefits under Software Technology Parks of India (STPI) scheme and also imposition of Minimum Alternate Tax on profits from Special Economic Zones.
Mr Shibulal remained tight-lipped on the market speculations that he may takeover the CEO baton from Mr S. Gopalakrishnan in the coming months. “As a company, we are known for corporate governance…We have a nomination committee and it is their responsibility to look at these issues and recommend,” he pointed out.
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