Employment graph in India not as bleak as some western media reports suggest
Bloomberg in a recent article said virus triggered curbs have impacted job market in India
As per the US-based media outlet's report, rise in unemployment signals sustained risks to India’s economy, which is expected to post the world’s fastest growth in the year ending March 31.
It is true that millions of Indians lost jobs due to Covid-19 related restrictions. Yet it should not be forgotten that almost all countries across the world have gone through the pangs of economic stress, unemployment and cuts in salaries of employees. While others have yet to overcome the crisis that pandemic caused to their economy, India managed to put life into its market. In December 2021, India’s merchandise export increased to US $37.29 billion. As per HIS Markit, India’s manufacturing sector recorded the highest production growth in November 2021. Also, there was a significant rise in demand for consumer durables and vehicle purchase. There was a growth in real estate and small business. This all helped in improving the hiring activity.
Result is, around 60% of those who reported losing a job in the past year have found their way back into the workforce, shows data from the latest YouGov-Mint-CPR Millennial Survey. More importantly, urban Indians are getting hopeful about job-hunting now, and are also taking better control of their careers, the survey suggests.
Besides, hiring of freshers at the entry level positions has also witnessed a promising growth which promises consistent demand for freshers across industries. It is encouraging to see industries like Travel and Tourism dust off from the pandemic impact and truly pave its way to revival. There has also been a promising back-to-office trend with increasing automation and a huge spike in demand for office supplies. Moreover, the recruitment space is looking up for entry-level talent as more and more organisations are looking to hire freshers.
Read the complete article in Financial Express
The media outlet further said the jobless rate increased to 7.91% in December from 7% in November, rising in both urban and rural areas, according to the data from the Centre for Monitoring Indian Economy Pvt., a private research firm. The surge in unemployment signals sustained risks to India’s economy, which is expected to post the world’s fastest growth in the year ending March 31.
However, the data on employment in India is sharply different from what the western media reports suggest. As per Michael Page, a leading professional recruitment agency, India Inc. witnessed a 14 percent employment rise in the third quarter of 2021 compared to the same quarter last year. This surge in job opportunities in Q3 2021vs Q3 2020 was led by sectors like engineering, manufacturing and technology. Hiring sentiment in India improved after the second wave of Covid-19 in April 2021. The engineering and manufacturing sectors led hiring in Q3, 2021 with an increase of 20 percent in employment. According to Michael Page report, as business restarted operation, June 2021 onwards, there was a need for organisations to fill this gap leading to a surge in demand for marketing professionals. IT job opportunities also saw an uptick as a result of the hiring frenzy witnessed by India’s start-up ecosystem.
Read the complete article in Economic Times: