India, the world’s largest democracy and fifth-largest economy, has long been a hub of diverse economic activities. Despite grappling with the challenges posed by the Covid-19 pandemic, the country maintains its status as the fastest-growing economy globally.
The current unemployment rate in India stands at approximately 7.7%, similar to last year but significantly lower when contrasted with the alarming 23.5% rate observed at the onset of the pandemic, showcasing the resilience of the Indian economy.
The country showcases strong employment prospects, particularly in key sectors across Asia. Leading the hiring trends are the finance and real estate, healthcare and life sciences, information technology, transport, logistics, and automotive industries. In contrast, the communication services, energy and utilities, and consumer goods and services industries exhibit lower hiring activity.
India stands out among Asia-Pacific nations, securing the fifth position in global rankings for the most positive hiring outlook in the July-September quarter, as indicated by the Manpower Group Employment Outlook Survey. However, Australia precedes India in this ranking, indicating a robust hiring sentiment in the region.
The Asia-Pacific region, as a whole, demonstrates a positive inclination towards hiring, with employers anticipating a growth in headcount by 31%.
While this reflects an improvement from the previous quarter (+4%), there is a slight decrease year-over-year (-1%). This signals a cautiously optimistic stance as the region navigates through the ongoing economic uncertainties.
However, recent data from the November ’23 Foundit Insights Tracker shows a 2% decrease in hiring compared to the previous month and a 10% decline year-on-year in India’s job market.
This story is from the December, 2023 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December, 2023 edition of Beyond Market.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Young Or Old? Find Your Ideal Health Plan
Age doesn't define you: find your ideal health coverage at any stage! Choose individual or family plans that fit your needs
IMPORTANT JARGON
The phase-wise voting in India for general elections began on 19th April.
BACK IN BUSINESS
Buoyed by post-pandemic travel trends and rising disposable incomes, India's hotel industry is expected to maintain its growth momentum, going forward
SCOOPING UP SUCCESS
Investments are hot, but innovation and competition are the next scoops to conquer for ice cream companies
DIG DEEPER
Investors chasing high-growth should prioritize near-term EPS explosion to justify high PE ratios, but also verify long-term business health and management before taking the plunge
SOARING AMBITIONS
Bolstered by cost advantages and government support, India's Electronics Manufacturing Services industry sets its sights on a $100 billion slice of the global market by 2026
TARGET IN SIGHT
Government policies and private sector involvement have propelled India's defence exports to new heights, putting the seemingly ambitious $5 billion target firmly within reach
PLAYING THE LONG GAME
Small and mid-cap surge in India raises regulatory concerns, but long-term investors with risk strategies may benefit from these volatile stocks given positive economic and interest rate forecasts
MAGNIFIED PRESSURE
While the asset quality of banks is anticipated to remain largely stable, challenges persist in the form of mobilizing deposits and peaking profitability
OPPORTUNITY KNOCKS, BUT CHALLENGES AWAIT
INDIA'S BOOMING PE MARKET ATTRACTS INVESTMENTS IN CONSUMER AND INFRASTRUCTURE, BUT CHALLENGES LOOM. CAN FIRMS PRIORITIZE VALUE CREATION TO NAVIGATE THE RISKS?