Manufacturing, Infrastructure To Add 58,200 Jobs In Apr-Sept FY20
According to TeamLease Services report for April-September FY20, these industries will witness a 2 pc increase in net employment.
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The IT Industry is moving at a far higher pace than what the academic institutions can cope with.
The manufacturing, engineering and infrastructure sector is likely to add of 58,200 new jobs in the April-September of this financial year, a report published Monday said.
According to TeamLease Services biannual 'Employment Outlook' report for April-September FY20, these industries will witness a 2 per cent increase in net employment.
"The manufacturing, engineering and infrastructure sector has employed 6.42 crore people as of HY2 of 2018-19. With the electronic manufacturing ecosystem is expected to reach investments worth Rs 26 lakh crore by 2025 the sector is expected to witness an exponential growth in jobs," Teamlease Services head of industrial, manufacturing and engineering vertical, Sudeep Sen said quoting the report.
Further, he said, modernisation and the introduction of Industrial Internet of Things (IIoT) in manufacturing will not only witness the sector contributing around 25 per cent of the GDP of the country by 2022 but adding significantly towards job creation as well.
Manufacturing, engineering and infrastructure industries will also witness 8.02 per cent growth in jobs between April-September 2019-20, he added.
The report was done across 19 sectors and 14 geographies surveying 775 enterprises in India and 85 businesses across the globe.
Further, the report revealed that in India tier II cities will witness over 5 per cent in hiring sentiment for April-September followed by tier III towns and rural areas with over 2 per cent growth each.
Half of the 14 cities surveyed improve their outlook and the remaining half witness a reduction in their outlook for the April-September 2019-20 period compared to October-March of FY19, it said.
However, the sentiment will decline by 1 per cent in Mumbai followed by Chandigarh [1 per cent], Nagpur [2 per cent], Bangalore [3 per cent], Hyderabad [3 per cent], Gurgaon [2 per cent] and Kochi [2 per cent], it added.
Meanwhile, the report revealed that medium-sized businesses will see a jump of 5 per cent in outlook while large businesses will grow by 2 per cent.
Functional areas like engineering (5 per cent), office services (4 per cent), blue collar (4 per cent) and marketing (3 per cent) are likely to see handsome increase in hiring, while hiring sentiment for the sales and IT functional areas is seen to stagnate.
It also found that attrition rates dropped significantly in 5 of the 19 sectors during the previous HY (October-March, 2018-19) compared with the AprilMarch 2018- 19) while 5 other sectors witnessed significantly higher attrition during this period.