Chennai: Amid reports of highest unemployment rates being prevalent in the country, around 11.5 lakh jobs will be added in India, study has said.
According to the Employment Outlook Report, released by staffing firm TeamLease Services, India will add 11.5 lakh jobs in the first six months (April-September) of financial year 2019-20.
The report claims to have surveyed 775 Indian enterprises and analysed functional and environmental aspects across 19 sectors to evaluate employment outlook trends.
It said about 57 per cent of industries are projected to witness an increase in their net employment outlook. Travel and hospitality and BPO/ITeS with a four per cent rise are the leading industries, it said. They are followed by power, energy and logistics at three per cent.
The positive outlook is attributed to the increase in investments, the revised FDI regulations and the new governance policies across sectors.
According to the report, 11 out of 19 sectors surveyed project an increase in net employment outlook. Retail, logistic, educational services and fast moving consumer goods and durables (FMCG&D) alone will add around 1.66 lakh, 1.49 lakh, 1.17 lakh and 1.10 lakh jobs, respectively, it said.
Eight sectors (such as marketing and advertising, telecommunications, agriculture, KPO, healthcare and pharma etc) anticipate a decrease in outlook.
From a geography point of view, the net employment outlook stands positive, the report said with a key contributor to the positive employment outlook being the tier-II geographies that show a five per cent increase in hiring sentiment, followed by tier-III towns and rural areas where hiring is projected to increase by two per cent each.
From the overall creation of 11,44,286 jobs, majority of these roles will be across Mumbai (1,67,585), Delhi (1,59, 051) and Bangalore (1,50,120), the report said.
‘The positive business outlook created by the stock market rally and increased investments seem to be having a corresponding impact on the employment outlook. It has revived the net employment outlook, which had witnessed a drop of two per cent in the last half year to a three per cent rise in the current half year,’ said co-founder and executive vice president, TeamLease Services, Rituparna Chakraborty.