India's job outlook drops 3% to 92% in H2 of FY19: Report
India’s job outlook for the second half of the financial year 2019 has declined by three per cent from 95 per cent with persisting currency and oil pricing concerns in the country, according to a report. It was 95 per cent in the preceding half-year (April-September 2018), according to TeamLease Employment Outlook report 2018-19.
As many as 750 employers and 2,500 employees of small, medium and large companies across 19 sectors and 14 cities were surveyed to understand the hiring sentiment in the country.
The continued, significant, growth in GDP failed to enthuse the job market for the forthcoming half of the year, the report noted. However, India has gained a bigger lead over global markets in the second half in terms of the percentage of employers (94 per cent) who report a possible increase in their hiring volume. In India, the power and energy sector is expected to gain with four per cent growth in the hiring sentiment, over the past half-year, across the employers surveyed.
“Despite the growing GDP there has been a slight dip in the employment outlook in the next half year. However, sectors such as power and energy and financial services which have shown a surge in the employment outlook are a relief,” TeamLease Services co-founder and executive vice-president Rituparna Chakraborty said as quoted by news agency PTI.
She said, Tier-III cities which have shown improvement in the employment outlook is proof of the fact that new avenues and job markets are opening up across India and, therefore, many opportunities will follow in the next half year. “We are glad to report that the hiring of fresh graduates across sectors and cities is likely to be nearly 16.3 per cent of all net new jobs created during the April-September, 2018-19 half year. These factors will definitely boost the confidence of the job seekers even though there is a minor plunge in the outlook,” she added.
The financial services (up three per cent), media and entertainment (up three per cent), educational services (up three per cent), healthcare and pharmaceuticals (up two per cent), e-commerce and tech start-ups (up two per cent), manufacturing, engineering and infrastructure (up two per cent) and travel and hospitality (up two per cent) are some of the other top sectors with incremental positive hiring outlook.
With three per cent drop, construction and real estate, retail and telecommunications are the top laggards in the second half of the year, followed by agriculture and agrochemicals (down two per cent), BPO/ITeS (down two per cent), IT (down two per cent) and FMCG/D (down one per cent).
Power and energy will add 33,100 new jobs, financial services will add another 44,650 new jobs and media and entertainment will add 46,300 new jobs in H2 FY18-19. For the cities surveyed in the report, Mumbai will add the highest number of jobs 1.66 lakh following by Delhi (1.55 lakh), Bangalore (1.52 lakh) and Hyderabad (96,000).