India's Tech Hiring Decline Amid Cost Controls; US Betting Platforms Gain IPL Traffic
India's tech hiring chills; Polymarket's IPL bet
The Economic TimesImage: The Economic Times
India's tech sector is experiencing a significant slowdown in hiring, with active job openings dropping to 110,000 in April from 119,000 in March, marking a decline of 8%. Meanwhile, US-based prediction markets like Polymarket are capitalizing on the Indian Premier League (IPL) traffic following a ban on local real-money gaming platforms.
- 01Active tech job openings in India fell to 110,000, a decline of 8% from March.
- 02Tech's share of total hiring has dropped to 49%, down from 83% in April 2022.
- 03Full-time roles account for 77% of openings, but have decreased by 3%.
- 04US platforms like Polymarket are gaining traction among IPL fans amid local gaming restrictions.
- 05Polymarket's trading volumes for IPL markets have exceeded $250,000.
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India's tech hiring landscape is facing a downturn, with active job openings decreasing to 110,000 in April, down 8% from March and significantly lower than 256,000 in April 2022. This decline reflects a broader trend where tech's share of total hiring has plummeted to 49% from a peak of 83% just a year prior. Industry experts attribute this slowdown to internal cost controls, as organizations focus on productivity and margin expansion rather than new hires. Full-time roles have seen a slight decline of 3%, while contract roles have dropped by 17%, indicating a shift towards more flexible hiring practices. Meanwhile, US-based prediction markets like Polymarket are capitalizing on the Indian Premier League (IPL) traffic due to a ban on local real-money gaming platforms. With trading volumes in IPL-linked markets surpassing $250,000, these platforms are attracting a niche audience of urban, crypto-savvy users despite facing challenges with payment methods and regulatory scrutiny. This shift marks a significant change in the landscape of online betting in India.
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The decline in tech hiring may lead to increased job competition and pressure on salaries for job seekers in India. Additionally, the rise of US prediction markets could shift the landscape of online betting, impacting local gaming companies.
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