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Job creation growth in IT sector slips by 46%: Assocham

Job creation growth in IT sector slips by 46%: Assocham
PTI
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First Published: Thu, Jan 22 2009. 04 05 PM IST
Updated: Thu, Jan 22 2009. 04 05 PM IST
New Delhi: The prospects of job creation in the India’s IT sector has dipped by 46% in the last quarter of 2008 with the Satyam episode further denting the sentiments, a study said.
In the third quarter of 2008, the sector has witnessed a whopping 484% growth, industry body Assocham said.
The study said overall three sectors IT, financial services and hospitality- prospects of jobs creation have dipped by 38% in October-December 2008 compared to the preceding quarter of the year.
In the July-September period, employment creation registered a growth rate of 124%, while it posted a growth of 238% in April-June, it said.
During October-December last year, most of the sectors were reeling under the pressure of global recession, lack of demand and credit crunch at the domestic front, which has adversely affected job growth.
“As the IT sector struggles to keep its order books intact, it has lost dominance and share in the job market. In the wake of recent incidents like IT firm Satyam fall out, the employment outlook in the sector stands bleak in the coming months as well,” it said.
The study also said the financial services sector including mutual funds, brokerage firms and investment advisory units, has been significantly affected by the global meltdown. Its growth dipped to 21% during October-December as against 13% in the third quarter.
Similarly, in the hospitality sector, job creation dipped by 43% during October-December as against 157% during July-September 2008.
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First Published: Thu, Jan 22 2009. 04 05 PM IST
More Topics: Assocham | IT | Hospitality | Financial services | Jobs |