NEW DELHI: Job prospects in India between October 2023 and March 2024 points to an expansion in the incremental workforce, with 79% of employers intending to maintain or increase their workforce in the second half of the current financial year, said an employment outlook report released by the employment conglomerate TeamLease staff on Tuesday. The report, compiled based on data collected from 1,820 companies in 14 cities between July and September, offers an analysis of forecasts employment trends in 22 industries and suggests that the consumer and retail companies will see a resurgence in the fourth quarter due to weak demand in semi-urban and rural areas during the festive season in the third quarter.
While reflecting positive sentiment for the financial services sector, the TeamLease survey says it has observed “cautious moves” from banks, NBFCs and Fintechs as regulatory pressure from the RBI increases on lending norms for riskier credits.
Indicating positive incremental hiring, including workforce expansion and replacement hires, the increase in workforce expansion is attributed to government policies and initiatives aimed at strengthening employment opportunities and cultivating a business-friendly environment.
“As a result of encouraging entrepreneurship by the government and the private sector, India is poised to witness an increase in employment opportunities,” the report states.
Around 67% of respondents predicted robust business development during the period October to March 2023-24, while 79% of employers, who were surveyed, expect an increase in workforce in their respective industries to meet growing demand.
In post-Covid-19 India, the largest workforce expansion is projected in the pharmaceutical and healthcare industry, while electric vehicles (EV) and the infrastructure sector follow closely. Top industries pointing to an increase in hiring include the electric vehicle and infrastructure sector at 88%, and healthcare and pharmaceuticals at 87%. For replacement hires, the power and energy sector leads at 88%, followed by FMCG at 85%, and healthcare and pharmaceuticals at 84%.
Kartik Narayan, CEO, Staffing, TeamLease Services, said: “Despite a slower pace in the third quarter, the upward trend in employment is not just about increasing headcount; it is a strategic move to boost economic growth and take party of favorable policies, contributing significantly to the country's economic resurgence.”
The report also suggests that employment opportunities are thriving in Bangalore, with the highest rate of incremental workforce expansion at 89%, followed by Chennai at 83% and Mumbai at 82%. In terms of new hires, Bangalore remains the highlight with 87%, while Mumbai and Chennai follow with 86% and 83%, respectively.
In the replacement hiring category, Mumbai leads with 82%, followed by Bangalore with 78% and Chennai with 76%. As tier 2 cities gain prominence, a large incremental expansion of the workforce is also seen in cities such as Coimbatore, Gurgaon, Kochi, Nagpur, Chandigarh and Indore.



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