India To Witness 7.12% Rise In Job Creation In October-March: TeamLease
India is expected to witness a marginal 7 percent rise in job creation in the October-March period of this financial year, as subdued economic conditions have dampened employment outlook, a report said on Monday.
According to TeamLease's bi-annual Employment Outlook Report for second half of 2019, economic reforms lifted the spirits for seven of the 19 sectors surveyed, while nine sectors reported a decrease in their outlook for October-March period of this fiscal.
India will witness a 7.12 percent increase in job creation in the current half year (October-March, 2019-20), it said.
Positive hiring outlook was reported in sectors like healthcare and pharmaceuticals, information technology, e-commerce and tech startups, educational services, KPO, power and energy, and logistics.
The sectors that are expected to witness decrease in hiring include manufacturing, engineering and infrastructure, construction and real estate, financial services, retail, Business Process Outsourcing/Information Technology Enabled Services, telecommunications, travel and hospitality, FMCG and agriculture and agrochemicals.
"Though the lowering of the gross domestic product growth projection seems to have dampened the net employment outlook in some of the sectors, the job creation across sectors is on a growth trajectory," TeamLease Services Co-founder and Executive Vice President Rituparna Chakraborty said.
She further noted that "8 out of the 19 sectors are expected to witness a double digit rise in job creation. Logistics and educational services alone will add 14.36 percent more jobs during the period October-March, 2019-20 indicating the dip in the net employment outlook to be more of a passing phase."
While Mumbai, Hyderabad, Pune, Chennai, Bengaluru, Delhi, Gurgaon, Kolkata indicated positive sentiment, Indore, Coimbatore, Ahmedabad, Kochi and Nagpur exhibited varying levels of negative sentiment for October-March 2019-20 period compared to April-September 2019-20.
As per the report, global markets witnessed a drop in net employment outlook for the October-March period.
Europe saw the most significant drop in net employment outlook, followed by Africa and the Americas.
The Middle East (no change) and APAC (up 1 percent) weathered global headwinds and stayed strong, the report said.
TeamLease Employment Outlook analyses functional and environmental aspects across 19 sectors and 14 geographies to provide an in-depth insight into the hiring sentiments.
It surveyed 744 enterprises of various sizes (small, medium and large) in India and 76 employers across the globe to evaluate employment outlook trends.