July 6, 2022
The Purchasing Managers’ Index from S&P Global India for this sub-sector increased to 59.2 in June 2022
In May, the Index was at 58.9
Consumers began paying more for services such as chemicals, food and petrol, making the index come close to a five-year high
In order to fulfil demand, companies increased hiring in June
India’s hiring activity grew by 22%, according to a survey from job aggregator Naukri.com.
According to the survey, the demand for entry-level talent continued to record the highest yearly growth of 30% in June, followed by experience brackets such as 13-16 years by 21%, 4-7 years by 19%, and both 16+ years as well as 8-12 years by 17%.
The survey called “JobSpeak Index” stood at 2878 during June. It saw a peak in February this year, when it crossed 3000.
Metros and Non-metros
Mumbai maintained its position as the metro with the largest YoY increase in employment demand for three months running, at 43% in June. Growth for talent demand in in metros such as Kolkata and Delhi grew by 29%, Chennai by 21%, Bangalore by 17%, Pune by 15%, and Hyderabad by11% in June 2022, compared to the same month last year.
Coimbatore witnessed the highest YoY growth of 60% in June, among non-metro cities. More tier-II cities also witnessed an overall spike in job demand, such as Kochi by 51% and Jaipur at 19%.
The survey also showed that Kochi witnessed the highest increase in demand for fresher talent at 105%, followed by Mumbai at 93%.
Industries
The growth in hiring for fresh talent was led by many numerous industries, which included travel & hospitality by 158%, retail by109%, insurance by 101%, accounting & finance by 95%, Banking, financial services and insurance (BFSI) by 88%, and education by 70%.
In overall hiring activity across industries, travel & hospitality continued to show the highest increase at 125% YoY in June ‘22. Other sectors that showed a growth in hiring included Retail by 75%, and BFSI by 58% over June 2021.
Other industries which saw a YoY increase in hiring demand are insurance at 48%, education at 47%, real estate at 46%, Automobiles at 37%, and oil & gas at 36%.
Way forward
Experts said that India’s job market is seeing a consistent increase in hiring activity across important sectors and cities through experience brands, led by the growth of the country’s economy.