Oil and gas sector witnesses 22% rise in job hiring in March this year: Report

  • The pharma sector also saw a 2% growth in hiring as compared to March 2023. Whereas, the IT, BPO, and retail sectors witnessed dip in recruitment

Mansi Jaswal
First Published15 Apr 2024
IT software service unicorns saw a 71% growth in hiring activity year on year
IT software service unicorns saw a 71% growth in hiring activity year on year

The white-collar hiring witnessed an 11% correction in March 2024 as compared to the same period last year. According to the Naukri JobSpeak Index, hiring last month stood at 2,657 across all sectors. However, the recruitment in Oil and Gas sector rose to 22% with maximum demand for MEP and Electrical engineers. The hiring in the Oil & Gas sector was particularly seen in Ahmedabad and Hyderabad.

Additionally, the pharma sector also saw a 2% growth in hiring as compared to March 2023.

On the other hand, the IT, BPO, and retail sectors witnessed a 16%, 6%, and 5% dip in hiring trends, respectively as compared to last year.

What the vacant seats at TCS mean

Artificial Intelligence continued to witness hiring momentum with a 12% rise in new job creation last month as per the report. The data scientist role also reported a 20% growth in hiring in March this year.

The demand for senior-level professionals with experience of more than 16 years outpaces all other cohorts, clocking 11% growth year-on-year.

The job offers in the salary range of more than 20 lakh per annum surged by 16% in Match 2024 versus last year. Whereas, new job openings in salaries below the 12 lakh range witnessed a de-growth.

TCS top performers receive double-digit hike, attrition cools to 12.5%

"Indian white collar job market looks poised as we exit a challenging year given the headwinds faced by the IT sector. Positive trends in the coming quarters seem quite plausible. Demand for seasoned professionals & Indian AI/ML talent should give everyone lots to cheer for," Dr Pawan Goyal, Chief Business Officer of Naukri.com told Mint.

'Unicorn startups drive more employment'

India's unicorn startups showcased a renewed appetite for jobs. According to Naukri's report, there was an 8% rise year-on-year in hiring within this segment.

India Inc pushes for temp hires in anticipation of a good summer

IT software service unicorns saw a 71% growth in hiring activity year on year.

Among the cities Pune stood out as the epicentre, showcasing a 51% growth rate, followed by Mumbai at 20% hiring activity by unicorn startups.

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