Summary:

As 2024 approaches, the Indian employment market demonstrates adaptation and transformation. Hiring patterns have varied, with some industries lagging and others picking up later. Economic shifts, technological advancements, and changing worker dynamics in major cities and emerging hubs have impacted the industry. IT, FMCG, and pharmaceuticals saw significant growth. Upskilling has become critical to addressing the widening skills gap. After a cautious first quarter, the market improved, particularly in IT, with new hires expected to increase by 15-20%, especially in AI, machine learning, and data analytics.

The FMCG and pharmaceutical industries expanded steadily, with FMCG peaking at 20% in Q3. Pharma prospered, driven by healthcare demand, particularly in sales and marketing positions. Cities like Bengaluru, Delhi, and Hyderabad saw significant demand for food engineers and brand management trainees. The financial sector expanded gradually, while manufacturing, particularly auto, had a 6% YoY increase. White-collar job hiring surged, with 73% of companies seeking talent. However, a skills gap still exists, with 61% of businesses expressing concern.

Source: IBEF 

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