India will witness the 7.12 pc increase in job creation in October-March: TeamLease report
New Delhi, December 9 () India is expected to experience a 7 percent marginal increase in job creation in the period from October to March of this financial year, as moderate economic conditions have diminished employment prospects, said a report on Monday.
According to the two-year TeamLease Employment Outlook Report for HY2 2019, economic reforms lifted the spirits for seven of the 19 sectors surveyed, while nine sectors reported a decline in their outlook for the period from October to March of this fiscal year.
India will witness a 7.12 percent increase in job creation in the current semester (October-March, 2019-20), he said.
Positive recruitment prospects were reported in sectors such as health and pharmaceuticals, information technology, electronic commerce and new technology companies, educational services, KPO, energy and energy, and logistics.
The sectors that are expected to experience a decrease in contracting include manufacturing, engineering and infrastructure, construction and real estate, financial services, retail, BPO/ITeS, telecommunications, travel and hotel, consumer goods and agriculture and agrochemicals.
Although the reduction in the GDP growth projection seems to have diminished the prospects for net employment in some of the sectors, job creation in all sectors is on a growth trajectory, said the co-founder and executive vice president of TeamLease Services, Rituparna Chakraborty
He also noted that 8 of the 19 sectors are expected to witness a double-digit increase in job creation. Logistics and education services will only add 14.36 percent more jobs during the period from October to March 2019-20, which indicates the decline in the net employment outlook will be more a passing phase
While Mumbai, Hyderabad, Pune, Chennai, Bangalore, Delhi, Gurgaon, Kolkata indicated a positive feeling, Indore, Coimbatore, Ahmedabad, Kochi and Nagpur exhibited varying levels of negative sentiment for the October-March 2019-20 period compared to April -September 2019- 20)
According to the report, world markets witnessed a decline in net employment prospects for the period from October to March.
Europe experienced the most significant decline in net employment prospects, followed by Africa and the Americas.
The Middle East (unchanged) and APAC (1% more) withstood the winds against and stood firm, according to the report.
TeamLease Employment Outlook analyzes functional and environmental aspects in 19 sectors and 14 geographies to provide insight into hiring feelings. A total of 744 companies of various sizes (small, medium and large) were surveyed in India and 76 employers worldwide to assess trends in employment prospects. DRR RVK