India’s headcount in various sectors sees a positive surge, with a 12% increase: Report
India's headcount in various sectors has seen a positive surge, with a 12% increase compared to last year, driven by growth in professional services, manufacturing, BFSI, e-commerce, and IT/ITes sectors.
According to data from business services provider Quess, there has been a positive surge in headcount growth in various sectors in India this year, despite ongoing global turbulence. From January to May 2023, there was a 12 percent increase in headcount compared to the same period last year, primarily driven by improvements in the country's financial and investment cycle.
Professional services sector
Among the sectors, the professional services industry experienced the highest growth, with a doubling of headcount compared to last year. Companies have been increasingly seeking external expertise to expedite business operations and navigate global uncertainties. This trend is particularly evident in areas such as taxation, business consulting, risk advisory, deal advisory, technology services, and ESG services.
Manufacturing sector
The manufacturing sector also saw a significant increase in headcount, with nearly a 50 percent growth. This can be attributed to the strong sales of Indian products, both domestically and internationally, leading to increased production and employment.
BFSI (Banking, Financial Services, and Insurance) and E-commerce sectors
The BFSI (Banking, Financial Services, and Insurance) and e-commerce sectors also exhibited robust growth at 16 percent each. The BFSI sector in India has remained stable, supported by factors such as strong domestic demand, favourable credit conditions, and improved solvency. The e-commerce sector has thrived due to widespread smartphone adoption, increased internet penetration, digital payment system accessibility, and government initiatives to promote digital transactions and foreign investment. The Indian government has made efforts to create a business-friendly environment that has significantly contributed to the sector’s growth amid challenges faced by banks worldwide, reported Economics Times.
IT/ITes sector
The IT/ITes sector, with 9 percent growth, completes the list of the top five sectors witnessing headcount growth. The muted growth compared to the previous year reflects caution within the industry due to an uncertain economic scenario and global challenges like inflation, recessionary concerns, and geopolitical events impacting global markets.
Naozer Dalal, CEO of Allsec Technologies (a Quess Company) noted that amid global instability “India’s hiring prospects have improved from the past year.” He said, “The increase in headcount growth proves that Indian businesses are holding steady and looking to tide the global economic storm.” With India projected to maintain its position as the fastest-growing economy, the increase in headcount growth signifies the resilience of Indian businesses amid the global economic storm. Dalal anticipates that investments in crucial sectors like energy and infrastructure will further stimulate employment growth in the future, reported Economics Times.
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Business NewsNewsIndia’s headcount in various sectors sees a positive surge, with a 12% increase: Report
First Published:5 Jul 2023, 09:42 AM IST
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