You are here: Home » Companies » News
Business Standard

Employment slips 1% aided by low hiring growth by companies: Report

The employment growth in 2016-17 was at 7.7%

Hiring  |  Hospitality  |  Trading

Press Trust of India  |  Mumbai 


There has been a marginal decline of 1 per cent in employment growth at 6.6 per cent mainly due to a larger number of having witnessed lower or negative growth, according to a report.

The employment growth in 2016-17, was at 7.7 per cent, Care Ratings said in a report.

Mainly with a turnover of between Rs 500 million-1 billion, Rs 1-2.5 billion and Rs 5-10 billion have witnessed negative employment growth, the report added.

Large companies, above Rs 10 billion net sales have witnessed robust employment growth, it added.

"We observe that sectors like shipping, media and entertainment, abrasive, electrical, iron and steel and diamond have witnessed a robust sales growth in FY18 but at the same time have witnessed a negative growth in employment. On the other hand, telecom sector has witnessed negative sales growth but has provided employment, having witnessed a growth of more than 15 per cent," the report said.

Sectors including agriculture, iron and steel, abrasives, diamond and jewellery, electrical, ship-building, media, paper saw 6.7 decline in employment growth followed by plastic (8 per cent) and diversified (12.6 per cent).

While, ferro-manganese, consumer durables, chemicals, hospitality, trading, FMCG, capital goods, logistics and textiles witnessed marginal decline in growth.

The sectors like crude oil witnessed 19.2 per cent growth in employment followed by alcohol (17.3 per cent), finance (16.9 per cent), telecom (16.3 per cent), construction materials (15.6 per cent), aviation (13.1 per cent), realty (13 per cent), non-ferrous metals (10.5 per cent), automobile and auto-ancillary (10.3 per cent), retailing (8.8 per cent) and banking (7 per cent).

Further, the report said, public sector witnessed a higher employment growth in 2017-18, compared with FY17.

In case of private companies, there has been a marginal decline in FY18 but the employment growth continued to remain robust and close to the aggregate level of 6.6 per cent.

However, employment growth in sectors like realty, non-ferrous, automobile and auto-ancillary, aviation, finance, crude oil, construction, alcohol have been backed by a robust sales growth in the sector as well, it added.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, August 08 2018. 00:55 IST