India job market bounces back to pre-festive levels

NEW DELHI: The job market in India bounced back to its pre-festive levels as a report showcased a recovery in hiring activity last month with the Naukri JobSpeak index recording a double-digit growth at over 27 per cent month-on-month (MOM) and over 43 per cent year-on-year (YOY) growth.

As per the report, maintaining its stellar performance, the insurance sector once again led the charts as it recorded a 42 per cent growth in new jobs created compared to the monthly average for the first half of the year.

“The strong recovery in overall hiring activity post-festive season reaffirms the resilience of the Indian job market which is now multi-sectoral and hence balanced as well as mature,” Pawan Goyal, chief business officer, Naukri.com, said in a statement.

“However, the fact that sectors like real estate, insurance, and banking are showing double-digit growth should give us a lot of confidence that the Indian job market is so far holding its own despite some turbulence at the global level,” he added.

Apart from Insurance, Real Estate has also shown a significant jump in hiring intent as it grew by over 34 per cent. Other sectors such as Banking (34 per cent), Oil (24 per cent), Travel and Hospitality (20 per cent), and Auto (14 per cent) also continue to do well. Moreover, hiring in the IT sector declined by 8 per cent compared to the monthly average for the first half of the year. The dip was particularly prominent in startup hiring.

Furthermore, in line with the recent slowdown in the Ed-tech and retail sectors, hiring in the education sector declined by 6 per cent while hiring in the retail sector declined by 7 per cent. Amongst metros, Delhi-NCR led the charts with a 20 per cent growth in new jobs.

However, metros with a greater inclination towards the IT sector such as Hyderabad, Bangalore, and Pune exhibited a flat job market with negative growth of 1 per cent, 5 per cent and 2 per cent, respectively.