H1 FY25 Employment Outlook: India Expects 6% Workforce Expansion
- The Indian workforce is expected to grow by 6.33%
- Top New Locations: Coimbatore, Visakhapatnam, Jaipur
Bengaluru, July 15, 2024: TeamLease Services’ Employment Outlook Report paints a promising picture for India’s job market in the first half of fiscal year 2025. With a projected incremental workforce expansion of over 6%, supported by robust economic conditions and a near 7% GDP growth forecast, India is poised as the fastest-growing G-20 economy.
Kartik Narayan, CEO of TeamLease Staffing, emphasised, “With India forecasted to be the fastest-growing G-20 economy in 2024, coupled with strong investment demand and easing inflation, the job market remains resilient in the face of global headwinds. Nearly two out of five organisations are prioritising skills development, equipping their workforce for the technological advancements that lie ahead.” The findings of our report shed light on the dynamic and optimistic hiring landscape.
The survey also reveals that the healthcare, pharma, automotive, manufacturing, engineering, and infrastructure sectors have the highest number of employers planning to increase their workforce. Leading industries in workforce size growth include construction and real estate, travel and hospitality, and electric vehicles (EV) and EV infrastructure. Delhi, Bengaluru, and Hyderabad are leading cities for employment opportunities, while Coimbatore, Visakhapatnam, and Jaipur are notable emerging job markets.
Employers are actively seeking candidates with strong communication skills, attention to detail, technical proficiency, and organisational abilities for both current and new roles. Furthermore, 35% of talent acquisition strategies are anticipated to be significantly influenced by generative AI, indicating a shift in hiring practices driven by technological advancements.
India’s job market is set for significant growth across various industries, supported by robust economic conditions and strategic investments in technology and skills development. Employers’ focus on skill prioritisation and generative AI highlights a progressive hiring landscape. With ample opportunities in both established and emerging cities, the future of India’s employment sector looks exceptionally promising.
Download the full report: Employment Outlook Report H1 FY25
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