No. Frankly demand for "skilled" IT professional is high as ever. Even in traditional tech like .net and Java(spring).
This is just some big IT staffing companies cleaning house.
Source: Anecdotal - I work in Indian IT. In fact hiring for at least 10 positions at my company. It's mainly the skills gap. At these big companies people get stuck in routine jobs and don't keep up with changing tech landscape.
56K jobs in India? Not that significant overall. 56k jobs from seven of the big names of Indian IT jobs? That's another story - http://www.livemint.com/Industry/4CXsLIIZXf8uVQLs6uFQvK/Top-... (which is referenced in the first paragraph but doesn't dive into).
> Information technology (IT) companies in India are in the midst of the industry’s largest retrenchment drive, with seven of the biggest IT firms planning to ask at least 56,000 engineers to leave this year.
> The number is at least twice the employees laid off by the companies last year, reflecting their under-preparedness in adapting to newer technologies and dealing with the fallout from US President Donald Trump’s protectionist policies.
> The companies include both Indian and multinational firms with a large footprint in India.
> The seven companies—Infosys Ltd, Wipro Ltd, Tech Mahindra Ltd, HCL Technologies Ltd, US-based Cognizant Technology Solutions Corp. and DXC Technology Co., and France-based Cap Gemini SA—and which together employ 1.24 million people, plan to let go of 4.5% of their workforce in 2017.
Though note that last bit... together, they employe 1.24 million and this reflects under a 5% layoff overall.
That article goes into a bit more of the numbers and corporate structures that are getting disrupted with this layoff.
