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Hiring activity across sectors has gradually increased, showcasing a 3 per cent month-on-month (m-o-m) growth. Although, on a year-on-year (y-o-y) scale, the overall index reflects a five per cent decline, the hiring trend in the past months has been positive, according to foundit Insights Tracker.
The index progressed from 255 in December 2023 to 262 in January 2024. With the announcement of the Interim Budget 2024, the employment outlook for the Indian job market remains optimistic, with huge potential for growth and economic progress in the months to come.
Across diverse sectors, including Travel & Tourism, Telecom/ISP, BFSI, and Logistics, Courier/Freight/Transport, there has been consistent and positive momentum in hiring activities. This collective effort from various industries has resulted in a five per cent overall growth in job posting activity observed over the past three months, indicating a robust recovery in employment opportunities.
Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), a Quess company, said, “The Interim Budget 2024 has identified the acceleration of growth and job creation as key priorities for economic development, while undoubtedly reiterating the need for Indian youth to be skilled and employable. Through our tracker, we could trace the steady growth of the tourism industry, which aligns with global trends and the government’s interests.”
The budget’s focus on developing iconic tourist destinations and promoting spiritual tourism aligns with the increasing demand for unique and immersive travel experiences. The travel and tourism sector has seen an impressive 21 per cent y-o-y hiring growth. We also feel that upskilling initiatives should be encouraged as they will not only empower the workforce but also align the recruitment industry with the evolving demands of the digital era, he added.
On a m-o-m basis, the Telecom/ISP, BFSI, and Logistics, Courier/Freight/Transport sectors showed a five per cent increase in job postings. The steady growth trajectory showcased by these sectors speaks volumes about the untapped potential of these industries to act as key drivers for employment generation, economic growth, and infrastructural development.
With policies promoting the wider adoption of broadband, the introduction of 5G services, and the relaxation in GST, the Telecom/ISP sector will further boost in the coming months. The banking, financial services, and insurance (BFSI) sector have always been fundamental to economic development, serving as a key player in capital allocation, risk management, and the promotion of financial inclusivity.
With the country’s GDP poised for growth, the BFSI sector is a key facilitator, positioned to thrive alongside the overall economic expansion. Additionally, the advancement and integration of technology into various sectors have only fostered sustainable growth across the country, said the report.
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