Employment Crisis: Job Market Stagnant Despite India Regaining 'World's Fastest-Growing Economy' Tag, Claims Survey
The employment outlook is predicted to remain 16 per cent till the fourth quarter of 2018-19, despite India clocking the highest GDP growth among all leading economies.
New Delhi, June 12: A recent survey conducted by Manpower Group claims the job market in India is stagnant, despite the nation regaining the 'world's fastest growing economy' tag.
The survey, conducted among 5,110 employers in diverse industries across the organised sector, found only 16 percent of them planning to hire more employees in the quarter ending September. The firms part of the survey employed 10 or more workers at present.
The 16 per cent employment outlook comes in the backdrop of India recording 7.7 per cent growth in the January-March quarter -- highest among all leading global economies. The close second was China which clocked 6.8 per cent GDP growth in the same period.
Over the past three quarters, India's GDP has been moving in a positive trajectory, signalling the negation of bumps caused by the demonetisation of higher currency notes, followed by the roll-out of Goods and Services Tax (GST).
“Major trends that will drive recruitment in 2018 in India are diversity, automated recruitment, virtual reality, remote working options,” AG Rao, group managing director of Manpower Group India said in a statement issued today.
Employment Outlook Sectorwise:
While the employment outlook was 21 per cent in first quarter of 2017, it dropped to 18 per cent in Q2, 2017 and 12 per cent in Q3 last year.
In Q1 of 2018, Bloomberg predicts the employment outlook to bounce back to 16 per cent. However, the media group predicts the outlook to remain 16 per cent throughout the fourth quarter of 2018-19.
The Manpower Group, however, predicts the wholesale and retail trade to drive the employment growth, with 20 per cent of respondents in the sector claiming they are planning hire more employees in the quarter ending September.
(The above story first appeared on LatestLY on Jun 12, 2018 05:36 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).