BFSI, e-commerce, retail, infrastructure sectors to add over 1 million jobs by end of 2018

PTI New Delhi | Updated on May 28, 2018 Published on May 28, 2018

The Indian staffing market size is estimated to be valued at € 3.6 billion, according to a report.

The Indian flexi staffing market size is witnessing significant growth and sectors like BFSI, e-commerce, retail and infrastructure together are likely to add more than 1 million jobs by end of this year, says a report.

As per a recent global staffing report, the Indian staffing market size is estimated to be valued at € 3.6 billion.

According to Indian Staffing Federation (ISF), an apex body of flexi staffing industry, automotive, retail and e-commerce and infrastructure are among the top 15 sectors that employ 81 per cent of formal sector workforce.

“With automation and innovation changing the nature of the work, BFSI contributes 12 per cent, infrastructure, construction and energy contribute 11 per cent, retail and e-commerce together comprise 5 per cent in the national flexi staff,” the report said.

“The country is suffering from acute low levels of productivity at workplace that emanates from the real crisis — which is lack of skills,” ISF President Rituparna Chakraborty said.

Chakraborty further noted, “As members of the staffing industry, we are sitting on large volumes of jobs, however, we are able to hire only 5 per cent of the youth that reach out to us on a daily basis.”

“EPFO data suggests formalisation of workforce and rather than being sceptical about it. We should welcome this and alongside shift our debates to skills rather than on non-availability of jobs,” she added.

According to ISF, the retail market’s growth has not only been witnessed in the metropolitan cities, but also across numerous tier I and tier III cities, providing enhanced business and job opportunities for the local youth.

According to one of ISF’s report, the organised retail sector will create 12,62,120 jobs, construction and real estate will create 1,37,280 jobs, BFSI will create 52,500 jobs while automobile sector to add 43,060 jobs by 2021.

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Published on May 28, 2018
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