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India's job outlook drops 3% to 92% in H2 of FY19: Report

Business Finance

Press Trust of India  |  Mumbai 

The overall hiring sentiment for the second half of this financial year has declined by 3 per cent to 92 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.

The report surveyed 750 employers and 2,500 employees of small, medium and large companies across 19 sectors and 14 cities 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 4 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.

She said, tier III cities which have shown improvement in the employment outlook is a testament 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.

Meanwhile, some of the other top sectors with incremental positive hiring outlook were financial services (up 3 per cent), media and entertainment (up 3 per cent), educational services (up 3 per cent), healthcare and pharmaceuticals (up 2 per cent), e-commerce and tech start-ups (up 2 per cent), manufacturing, engineering and infrastructure (up 2 per cent) and travel and hospitality (up 2 per cent).

With 3 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 2 per cent), BPO/ITeS (down 2 per cent), IT (down 2 per cent) and FMCG/D (down 1 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).

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 14 2018. 13:30 IST