Adapt, Innovate, Thrive

Future-proofing India's workforce demands targeted investments in education, skills, and cutting-edge technology

India, the world’s largest democracy and fifth-largest economy, has long been a hub of diverse economic activities. Despite grappling with the challenges posed by the Covid-19 pandemic, the country maintains its status as the fastest-growing economy globally.

The current unemployment rate in India stands at approximately 7.7%, similar to last year but significantly lower when contrasted with the alarming 23.5% rate observed at the onset of the pandemic, showcasing the resilience of the Indian economy.

The country showcases strong employment prospects, particularly in key sectors across Asia. Leading the hiring trends are the finance and real estate, healthcare and life sciences, information technology, transport, logistics, and automotive industries. In contrast, the communication services, energy and utilities, and consumer goods and services industries exhibit lower hiring activity.

India stands out among Asia-Pacific nations, securing the fifth position in global rankings for the most positive hiring outlook in the July-September quarter, as indicated by the Manpower Group Employment Outlook Survey. However, Australia precedes India in this ranking, indicating a robust hiring sentiment in the region.

The Asia-Pacific region, as a whole, demonstrates a positive inclination towards hiring, with employers anticipating a growth in headcount by 31%.

While this reflects an improvement from the previous quarter (+4%), there is a slight decrease year-over-year (-1%). This signals a cautiously optimistic stance as the region navigates through the ongoing economic uncertainties.

However, recent data from the November ’23 Foundit Insights Tracker shows a 2% decrease in hiring compared to the previous month and a 10% decline year-on-year in India’s job market.