India is expected to see a growth of over 7 per cent in job creation in the second half of ongoing fiscal year 2019-20, despite the worrisome economic conditions in the country, BloombergQuint reported via news agency PTI.
Human Resource (HR) company TeamLease, in its bi-annual Employment Outlook Report for the period from October 2019 - March 2020, has said that seven of the 19 employment sectors surveyed have shown lifted spirits post the reforms brought in by the Centre. However, nine sectors predicted to continue going downwards in this manner.
The report said, India will witness a 7.12 percent hike in job creation in the current half year period from October to March of FY2019-20.
Sectors such as healthcare and pharmaceuticals, information technology, e-commerce and tech startups, educational services, Knowledge Process Outsourcing (KPO), power and energy, and logistics reflected positive hiring outlook, as per the report.
On the other hand, several sectors like manufacturing, engineering and infrastructure, construction and real estate, financial services, retail, Business Process Outsourcing/Information Technology Enabled Services are believed to see a decline in job creation sentiment. Other sectors that show a decrease include telecommunications, travel and hospitality, FMCG, and agriculture and agrochemicals.
“Though the lowering of the gross domestic product (GDP) 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 went on to say that 8 sectors out of the 19 surveyed are expected to experience a double digit rise in employment opportunities. “Logistics and educational services alone will add 14.36 per cent more jobs during the period October-March, 2019-20 indicating the dip in the net employment outlook to be more of a passing phase,” she stated.
While it came to cities projecting the employment outlook, Mumbai, Hyderabad, Pune, Chennai, Bengaluru, Delhi, Gurgaon, and Kolkata indicated positive sentiment. Whereas, Indore, Coimbatore, Ahmedabad, Kochi, and Nagpur reflected negative projections at different levels for the current half when compared to the first half of April-September 2019-20.
The report also told that the global markets were also going to see a drop in net employment outlook for the same period, with Europe being the most affected, followed by Africa and the Americas.
However, the Middle East with no deviation in projected figures and Asia-Pacific (APAC) with 1 per cent hike kept the global outlook strong, the report read.
TeamLease Employment Outlook, which analyses functional and environmental aspects across 19 sectors and 14 geographies and provide vast insight in the hiring attitude, had surveyed 744 enterprises of various sizes (small, medium and large) in India and 76 employers across the globe to evaluate employment outlook trends.