JOIN USThe latest projection for the October-December 2010 period clearly shows that India is almost back in track with the high growth rate it had achieved before the economic crisis. At the beginning of this year, METS predicted creation of 1 million new jobs in the year 2010. The latest METS survey reflects a more-than-anticipated growth in the hiring sector of India with a few sectors such as Healthcare, Real Estate & Construction; Hospitality and IT & ITES leading this momentum.
The latest projection for the October-December 2010 period, and estimates of actual job creation from January-September 2010, for the organised sector was arrived at, after surveying the employment trends in 660 companies across 13 industry sectors in eight major cities – Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune. These companies were queried about (a) hiring in the first 9 months of the year and (b) hiring intentions over the next 3 months.
Sector-wise employment trends:
According to the survey, the employment trend across all sectors – BFSI; IT & ITE; Pharmaceuticals; Healthcare; Trade, including consumer, retail and services; Energy; Transport; Storage and Communication; Real Estate & Construction; Hospitality; Media & Entertainment; Non-Machinery Manufacturing; Manufacturing – Machinery & Equipments; Education, Training & Consulting – are growing at a robust pace, which is expected to continue in the next quarter.
Amongst the sectors covered under the survey, Healthcare; Real Estate & Construction; Hospitality and IT & ITES are among the top most sectors contributing to the country’s increasing employment base. Energy and Transport were relatively moderate performers as compared to other sectors of the economy.
The Healthcare sector has consistently reported the largest employment generation in the year 2010 by generating 2,60,052 jobs. The sectors like Hospitality, Real Estate & Construction, IT & ITES have also joined the 1 lakh plus jobs pack for the year 2010.
In spite of being hit hard by recession, IT & ITES sector has bounced back and reported more job creation at 1,16,700 as compared to 97,000 jobs forecast a earlier. Inter-industry shifting of skilled workforce has increased significantly, as a result of growing demand.
City-wise Employment Trends:
Amongst the cities surveyed, Delhi & NCR has reported greatest employment generation by creating 1,13,897 jobs in the year 2010. This region has created 44,183 jobs during the period of October to December 2010, which is the highest in the year so far. Commonwealth Games 2010 was also a significant contributor for the region in terms of hiring activities in the third quarter of 2010.
This was closely followed by Mumbai with 1,07,806 jobs in the year 2010. The hiring situation has improved significantly in the third quarter as compared to the previous two quarters.
Compared to a dull scenario during H1 in Chennai, job creation has improved significantly in Q3 and is growing at a faster rate in Q4. This region is expected to generate 32,087 jobs during the current quarter.
The hiring scenario in the cities like Kolkata, Bangalore and Hyderabad has also seen tremendous improvement during the third quarter and was substantially higher than the previous two quarters.