NEW DELHI–Leading job portal Monster.com on Tuesday said Indian job market is on a revival mode owing to a gradual upswing in the economy.
“The job market opened up in 2014 with an average 17 percent rise in demand,” said the job portal’s ‘Monster Employment Index’ analysing hiring activity in the past five years.
“The year 2015 started on a promising note where we have witnessed economic growth as a result of much needed political stabilitya. heartening to see is the robust growth of the startup ecosystem that’s urging individuals to explore new business avenues,” said Monster.com MD India/Middle East/South East Asia Sanjay Modi in a statement.
According to the index, banking, financial services and insurance (BFSI) led online hiring activity followed by IT, production and manufacturing.
BFSI experienced a growth of 14 percent in 2014 after witnessing consistent fall from 2010, the statement said.
“With the infusion of capital following the approval in FDI, the BFSI sector has opened up generating more opportunities. The improved job market is fuelling renewed optimism in the banking, financial services and insurance (BFSI) sector,” it said.
In September 2015, online hiring in BFSI saw 85 percent growth on a year-on-year basis.
From witnessing negative growth every year for the three years prior to 2014, production and manufacturing sector stabilized by the end of 2014 with 18 percent growth, the statement said.
IT sector was the one of the most stable employment generating sectors, growing by 32 percent in 2014.
The index highlighted Tier II cities to be among the highest contributors of employment in 2016 owing to government’s push on ‘Make in India’ and Smart Cities Initiatives.
“2016 is anticipated to deliver the returns of the various reforms proposed by the government. The push on ‘Make in India’ and the plan to create 100 smart cities is expected to increase hiring in manufacturing and commerce as well as in the infrastructure sector,” the statement said.
IT, healthcare and BFSI will continue to be bullish in 2016 while emerging ecommerce and internet related sectors are expected to create the highest employment opportunities, it said.
Modi said employment from government could be generated through industrial corridors, participation of private sector in railways following reforms and the boost Defence Procurement Procedure (DPP) 2016 will give to ‘Make in India’ with the private sector set to play greater role.