India's staffing sector, with estimated total revenue of Rs 27,000 crore, is expected to register 12 per cent this year, says a report.
According to Indian Staffing Federation, an apex body of flexi staffing industry, the sector which comprises 15 leading firms that account for Rs 270 billion in revenues is projected to grow 12 per cent this year and 10 per cent the next year.
"In India, the staffing industry clearly does not have a challenge of addressable market and it is gratifying to witness the rapid growth being shown by each of the organised staffing firms to tap into this opportunity on one hand and enabling rapid job creation on the other," ISF President Rituparna Chakraborty said.
The report noted that the top three firms including two home grown firms TeamLease and Quess along with Swiss headquartered Adecco together account for 20 per cent of the total market share in India.
The five largest staffing companies in India, based on 2015 revenue include TeamLease with a revenue of Rs 1,986.9 crore, Quess Rs 1,959.4 crore, Adecco Rs 1,500 crore, Randstad Rs 1,348.5 crore and Manpower Group Rs 799.1 crore.
Chakraborty further said "demonetisation and implementation of GST in recent times shall definitely be a force multiplier to the growth of staffing in India."
The staffing industry provides a platform for recognised employment, work choice, even compensation, annual benefits and health benefits for temporary workforce that constitute a sizeable segment of India's total workforce.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)