On the hiring plans in the IT sector as well as industry's export outlook former CFO of Infosys, V Balakrishnan did not sounded optimistic. The IT industry which exports its services to the overseas market does not seem to achieve 7-8% growth rate in exports this fiscal year.

On the contrary, the senior industry veteran had a positive stance on the industry's growth prospects for the next year. Balakrishnan told PTI "Hiring has definitely slowed down. And automation is a big thing because three large companies have got net negative employee growth. So, this year is going to be challenging".

The challenges for the industry in respect of growth for the ongoing fiscal is attributed primarily to what's happening" in the developed markets.

For the US markets which is the major country served by Indian IT industry, the veteran affirms that the US economy is still economically strong.

He adds further, "Also Europe is doing reasonably well. So, on the export front the demand environment may look better next year but digital is becoming big and, so, they (the IT industry) have to invest and make that transition smoothly.

"Most of the companies have become highly productive, utilisation levels have gone up and also automation is kicking in and, so, hiring is going to be slower for the IT industry for the years to come," he said on hiring prospects in the industry.

With Inputs From PTI