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Indian Job Market On Revival Mode, Says Monster.com Report
It's boom time for job seekers as 2016 is expected to deliver the returns of the various reforms proposed by the Narendra Modi-led government
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Leading job portal Monster.com has said Indian job market is on a revival mode owing to a gradual upswing in the economy.
"The job market opened up in 2014 with an average 17 per cent rise in demand," said the job portal's 'Monster Employment Index' analysing hiring activity in the past five years.
"The year 2015 started on a promising note where we have witnessed economic growth as a result of much needed political stabilitya. heartening to see is the robust growth of the startup ecosystem that's urging individuals to explore new business avenues," said Monster.com MD India/Middle East/South East Asia Sanjay Modi in a statement.
The production and manufacturing sector saw negative growth every year, for all three years prior to 2014. The sector stabilised by the end of 2014 with an 18 per cent growth. The report shows that the IT sector has been one of the most stable employment generating sectors, where in 2014 there was a 32 per cent increase in hiring in the sector.
"2016 is expected to deliver the returns of the various reforms proposed by the government. The push on 'Make in India' and the plan to create 100 smart cities is expected to increase hiring in manufacturing and commerce as well as in the infrastructure sector. As a result of this, tier-II cities are expected to be among the largest contributors as far as employment creation is concerned," the statement said.
IT, healthcare and BFSI will continue to be bullish in 2016 while emerging e-commerce and internet related sectors are expected to create the highest employment opportunities, it said.
"The improved job market is fueling renewed optimism in the banking, financial services and insurance (BFSI) sector. In September 2015, online recruitment in the sector was 85 per cent higher than the year-ago and the pace of growth year-on-year has been improving consistently," it said.
Modi said employment from government could be generated through industrial corridors, participation of private sector in railways following reforms and the boost Defence Procurement Procedure (DPP) 2016 will give to 'Make in India' with the private sector set to play greater role.