There is already insane competition for government and bank jobs (since these jobs are more or less guaranteed for life). I know so many people who did their bachelors in engineering degrees writing bank exams. These type of news will make Indian IT even less attractive.

Layoffs in IT sector lead to a dip in popularity of software engineers in marriage market: http://economictimes.indiatimes.com/tech/ites/layoffs-in-it-...