The improvement in hiring outlook can be attributed to increasing funds allocated towards PLI schemes and higher tax collections from GST, which have given the government the power to spend and shield the economy from the impact of the global slowdown, the foundit report said.
Hiring in India’s white-collar space saw a 5 percent jump in February on a month-on-month basis, following a surge in economic activity in India, a new survey has found. The foundit Insights Tracker (fit) for February 2023 also showed a marginal increase of 1 percent in e-recruitment year-on-year.
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It also pointed to a resurgence in the job market for entry-level positions with the onset of the placement season across campuses.
The improvement in outlook can be attributed to factors, including increasing funds allocated towards production-linked incentive (PLI) schemes and the higher tax collections from the goods and services tax (GST), which have given the government the power to spend and shield the economy from the impact of the global slowdown, the foundit report said.
Reflecting on the monthly job trend, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said despite rising macroeconomic concerns, India Inc is increasingly hiring freshers.
“The tech industry, despite a few setbacks, remains the single-largest employer of fresh talent and women. They have been instrumental in leading India’s post-pandemic recovery and will continue to drive the growth engine forward,” Garisa said, and hailed the government’s ‘Make in India’ initiative as a mass job creator.
Among sectors, the production and manufacturing industry showcased the highest (14 percent) job posting activity on a month-on-month basis as companies look to reduce dependence on imports and step up domestic production. The sector is also harnessing smart technology to improve efficiency, contributing to the overall efficacy of the industry, the report said.
The oil and gas sector observed a 12 percent rise in jobs due to increased domestic demand and industrial activity. This was followed by better job prospects in the engineering, cement and construction industries given the increase of real estate projects in tier 1 and tier 2 cities. Healthcare, travel and tourism, and BPO industries saw a 7-11 percent jump in hiring.
The industries that saw a dip in hiring intent include printing and packaging (-16 percent), import and export (-14 percent) as well as agro-based industries (-7 percent). The printing and packaging industries witnessed a significant slowdown due to undersupply and high input costs, with a steep rise in the cost of production, raw materials and logistics. The import and export sectors have been impacted due to a slowdown in global demand due to rising inflation and a recessionary outlook, the report suggested.
As per the report, freshers earn up to Rs 6.75 lakh per annum, with IT and BFSI industries offering lucrative entry-level salaries.
The demand for entry-level job seekers was high in February, with close to 42,000 active jobs available for freshers, indicating a 9 percent increase in job activity. The majority of job opportunities, about 63 percent, were targeted towards graduates, with startups contributing to 14 percent of jobs.
The top hiring industries for freshers were IT, both hardware, software, BPO/ITes and BFSI. In terms of geography, Delhi/NCR (18 percent), Bangalore (14 percent), and Mumbai (12 percent) had the highest hiring percentages.
The IT industry offered the highest salary range (Rs 3.45-6.75 lakh) for entry-level professionals followed by the BFSI industry (Rs 3.28-5.40 lakh), according to the foundit report.