There will be many more. The India IT sector’s main play was cheap labor for low value-add IT tasks like basic dev or ops. The play a while back was to move day-to-day ops jobs to this cheap labor. Now the play is to automate this work so the jobs are disappearing. E.g when you move to the cloud with good architecture you don’t need tons of people pushing buttons and tweaking servers all day long.
The India firms haven’t really moved up the value chain much and thus there’s just less work there. They put fancy marketing on the front but their main product is still cheap labor for low value IT work. While there’s certainly advanced stuff happening in India, at the big scale the top R&D and engineering work still generally occurs in the home countries that were sending work to India and there’s little evidence that these jobs could, at scale, be done successfully by the Indian firms offshore.
The India firms haven’t really moved up the value chain much and thus there’s just less work there. They put fancy marketing on the front but their main product is still cheap labor for low value IT work. While there’s certainly advanced stuff happening in India, at the big scale the top R&D and engineering work still generally occurs in the home countries that were sending work to India and there’s little evidence that these jobs could, at scale, be done successfully by the Indian firms offshore.