Comment by Riaz Haq on November 19, 2022 at 4:19pm

Layoffs in the Silicon Valley are proving to be exceptionally problematic for Indian Techies. Most them were working on H-1B visas & now have just a 60-day grace period to find another job.

https://www.wionews.com/videos/gravitas-the-impact-of-silicon-valle...

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Layoffs at Amazon: Many Indians impacted, have limited time to find a new job
Amazon is said to cut nearly 10,000 jobs globally this week. While the tech company hasn’t revealed any information about layoffs yet, impacted employees have taken to social media platforms like LinkedIn to share their distress.

https://www.indiatoday.in/amp/technology/news/story/layoffs-at-amaz...

Comment by Riaz Haq on January 27, 2023 at 8:02am

An Indian-origin Google employee lost job after 11 years of service.
The Google employee says it is difficult to express the pain after layoff news.
The H1B visa holders need to leave the country after 60 days if they job.

https://www.indiatoday.in/technology/news/story/indian-google-emplo...

Google laid off thousands of employees and the process was not as smooth considering many were locked out of their systems without any notice. While the news of layoff is disheartening for many, the most impacted ones are the employees who got the job on an H1B visa. An Indian-origin employee with an H1B visa who worked at Google for more than 11 years also lost his job and found out about layoff news out of nowhere.

His wife also got locked out of the system and discovered in the morning that her access to any internal resources on the laptop was blocked. He penned down an emotional note on LinkedIn about his good and bad experiences at Google. He wrote that they were in disbelief after finding about the job they lost at the biggest tech company, even after giving many years to the company.

“Two out of the 12,000 Googlers were staring at each other in disbelief in that room while our 2-year-old daughter slept peacefully not knowing (thankfully so) what just hit her family. It’s hard to explain what this feels like, especially when you’ve spent a third of your life at a place that’s given you so much and more that it becomes an integral part of your identity. I spent 11.5 amazing years at Google - staying loyal and committed to its mission and believing in its “do no evil” motto,” he said on LinkedIn.


The laid-off Google employee with an H1B visa also expressed his pain of leaving the country after about two months if he doesn’t get a job in the US, where he is currently living. “The dreaded H1b countdown has begun and I’m starting to look for roles,” he said.


For those who are unaware, H1B visa holders or we can say immigrants, who get a job in the US, are not allowed to stay back in the country for more than 60 days if they lose a job. The H1B visa workers will have to find a new job in about 60 days or they will have to leave the country. The visas are typically issued for three years, and they can get extended depending on the employment.

Google did fire as many as 12,000 employees across globe, but the company has also promised to offer severance pay to the affected workers. The laid off Google employees will get 16 weeks of salary, two weeks for every additional year at Google, and at least 16 weeks of GSU vesting. Google will also pay 2022 bonuses and remaining vacation time. The sacked employees will also be entitled to receive six months of healthcare, job placement services as well as immigration support.

Comment by Riaz Haq on March 27, 2023 at 10:30am

India has no "software exports". India's forex tech earnings come from tech services provided to foreign firms by H1B type work visa workers on the payrolls of Indian body shops like Infosys, TCS, Wipro etc.

Glassdoor, a company that reviews employers, calls all of them body shops.

https://www.glassdoor.com/Reviews/Employee-Review-Infosys-RVW368394...


https://www.glassdoor.com/Reviews/Employee-Review-Wipro-RVW23275846...

https://www.glassdoor.com/Reviews/Employee-Review-Tata-Consultancy-...

Comment by Riaz Haq on April 17, 2023 at 7:56am

India's Infosys tumbles 15% on downbeat revenue outlook

https://www.nasdaq.com/articles/indias-infosys-tumbles-15-on-downbe...


BENGALURU, April 17 (Reuters) - Infosys Ltd INFY.NS shares slumped nearly 15% on Monday and dragged stocks of peers, after the IT services exporter's dismal revenue outlook highlighted the impact of banking turmoil in major markets, the United States and Europe.

Infosys' outlook followed a disappointing quarterly report from larger rival Tata Consultancy Services TCS.NS, highlighting worries for the sector which earns more than 25% of its revenue from just the U.S. and European banking, financial, services and insurance sector.

The collapse of two mid-sized U.S. lenders in March had left the financial ecosystem shaken and driven an extraordinary government effort to reassure depositors and backstop the system.

Infosys saw its biggest intraday percentage drop since October 2019, and dragged other IT stocks, with the Nifty IT index .NIFTYIT dropping as much as 7.6%.

India's second-largest IT services firm on Thursday said it expects revenue growth of 4%-7% for the fiscal year ending March 2024, well below analysts' expectations of 10.7% growth, as clients deferred spending due to growing fears of a recession. The previous slowest growth was a 5.8% increase in fiscal 2018.

"Given the uncertain environment in the near term, growth can be back ended for Infosys, in our view," PhillipCapital said in a note.

The Bengaluru-based company's net profit of 61.28 billion rupees ($748.21 million) in the January-March quarter also missed analysts' expectations of 66.24 billion rupees, according to Refinitiv IBES.

Comment by Riaz Haq on May 3, 2023 at 5:55pm

In the high-stakes race for supremacy in the burgeoning field of generative AI, India’s technology ecosystem is facing an uphill battle to catch up to global leaders. Despite being home to one of the world’s largest startup ecosystems, the South Asian economy has yet to make a material impact in the rapidly advancing AI arena.


https://techcrunch.com/2023/05/03/where-is-india-in-the-generative-...


No homegrown Indian contenders have emerged to challenge the dominance of large language model titans such as OpenAI’s ChatGPT, Google Ventures–backed Anthropic, or Google’s Bard.

“While there are over 1500 AI-based startups in India with over $4 billion of funding, India is still losing the AI innovation battle,” say analysts at Sanford C. Bernstein.


To their credit, many of India’s major startups are using machine learning to enhance aspects of their business operations. For instance, e-commerce giant Flipkart uses machine learning to refine customer shopping experiences, while Razorpay utilizes AI to combat payment fraud. Unicorn edtech Vedantu recently integrated AI into its live classes, making them more accessible and affordable.

Industry insiders attribute India’s dearth of AI-first startups in part to a skills gap among the nation’s workforce. Now the advent of generative AI could displace many service jobs, analysts warn.

“Among its over 5 million employees, IT in India still has a high mix of low-end employees like BPO or system maintenance. While AI isn’t at the level of causing disruptions, the systems are improving rapidly,” Bernstein analysts said.

Dev Khare, a partner at Lightspeed Venture Partners India, recently assessed the disruptive potential of AI and warned that jobs and processes in industries such as market research, content production, legal analysis, financial analysis, and various IT services jobs could be impacted.


However, for India, this disruption also presents an opportunity. A rapid gain in agriculture sector, which employs over 40% of the country’s workforce, is challenging, and similarly automation in the manufacturing industry may be unnecessary due to the abundant and affordable labor force.

Comment by Riaz Haq on May 3, 2023 at 5:56pm

In the high-stakes race for supremacy in the burgeoning field of generative AI, India’s technology ecosystem is facing an uphill battle to catch up to global leaders. Despite being home to one of the world’s largest startup ecosystems, the South Asian economy has yet to make a material impact in the rapidly advancing AI arena.


https://techcrunch.com/2023/05/03/where-is-india-in-the-generative-...


With timely upskilling and resource optimization, the services sector stands to benefit the most. Indian consultancy giants are already recognizing it. Infosys, for example, revealed last month that it is working on several generative AI projects to address specific aspects of clients’ businesses. TCS, on the other hand, is exploring cross-industry solutions to automate code generation, content creation, copywriting, and marketing.

In response to this landscape, New Delhi has declared that India will not regulate the growth of AI, taking a different approach from many other countries.

“AI is a kinetic enabler of the digital economy and innovation ecosystem. Government is harnessing the potential of AI to provide personalized and interactive citizen-centric services through digital public platforms,” India’s Ministry of Electronics and IT said last month.


Glimmer of hope
With the more established segment of India’s startup ecosystem staying muted in the generative AI race, young firms are stepping up to the occasion.


Startups like Gan, which enables businesses to repurpose videos at scale; TrueFoundry, which assists in building ChatGPT with proprietary data; and Cube, which facilitates AI-powered customer support on social media, are among those leading the charge.

The surge of interest has prompted nearly all venture funds in India to develop investment strategies in the emerging space.

Anandamoy Roychowdhary, partner at Surge, Sequoia India & Southeast Asia, pushed back that Indian startups have just started to explore applications around generative AI, saying several have been working on this space for many years.

“What cannot be denied though is the spectacular pace of projects and startup creation post the launch of ChatGPT. The Sequoia India and SEA team have been early to this trend, having partnered with 7 to 8 AI companies across earlier Surge cohorts,” he told TechCrunch.

Sequoia India and SEA is evaluating at least five firms in this space each week, he said.

Accel, another high-profile venture firm that has been operating in India for over a decade, said Wednesday that AI is one of the two main themes across the new cohort of its early-stage venture program.

However, some founders expressed concerns that these AI startups are unlikely to focus on creating their own large language models due to the lack of funding and conviction from investors to support such high compute and other infrastructure expenses.

An investor, who requested anonymity to speak candidly, cautioned that the current frenzy around AI deals somewhat echoes aspects of the crypto craze in 2021.


“Everyone wants to do genAI but no one knows how/what to do. This is the crypto arms race all over again,” the person said. “I doubt most Indian VCs ever really dug deep and understood crypto, because otherwise they wouldn’t have made so many utterly crap investments.”

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