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93% Of New Jobs Were Created In IT, Banking, Finance In FY22

The report indicated in the early stages of the job growth cycle, employment data taken from the annual reports of 675 companies showed a lack of broad-based growth

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An astounding 93 per cent of the 3.82 lakh net jobs were created during 2021-22 were and the jobs were from IT, banking and finance sectors.  A study of 675 listed companies across more than 30 sectors were taken into consideration. 

The report indicated in the early stages of the job growth cycle, employment data taken from the annual reports of 675 companies showed a lack of broad-based growth. 

In this case, employment growth would be 1.8 per cent if these sectors were excluded from the calculation as opposed to the current 10.2 per cent.

A total of 41.2 lakh people were employed by the sample companies in FY22, a 10.2 per cent increase from 37.4 lakh in FY21. Despite the flat growth, the report highlights that there were 37.3 lakh employees in FY20, so the growth in FY21 was impressive.

The report mentioned that it should be noted that these three sectors continued to operate normally during the lockdown, with substantial activity taking place.  Despite a lack of hiring in FY21, the IT sector made up for it in FY22. Regardless of the slow economic growth, banks have maintained growth of 4-5 per cent with the private sector banks hiring the most staff. A decline in employment in FY21 was followed by a double-digit increase in FY22 for NBFCs. 

Services were the most affected by the decline in headcount. Vehicles, consumer durables, paper, alcohol, nonferrous metals, construction materials, and electrical equipment were the exceptions. 

Companies are hiring more slowly according to the demand conditions and appear to be cautious when hiring new employees. A lot of sectors have moved slowly along the path, even those with fewer restrictions by the end of March 2022. As restrictions on operations only eased towards the end of the fiscal year, the picture for services could improve. 


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