Almost every sector is experiencing substantial gains.
By Zee Johnson
India’s Naukri JobSpeak Index, the country’s premier index on hiring trends, grew 11% in July 2021, the highest it has ever been, even surpassing pre-COVID levels. The gain is much welcomed following a hiring slump during April and May of this year.
“July 2021 has provided conclusive proof of the revival of hiring activity in the country, after a setback in April and May 2021. Not only has it increased by 11% in this month, but the Naukri JobSpeak Index has reached an all-time high,” said Pawan Goyal, chief business officer, Naukri.com. “The most noteworthy and consistent growth over the last few months belongs to the IT/ITES sector and the tech functional area, which has stayed relatively insular to the effects of the pandemic. This demonstrates that digital transformation of Indian businesses is well underway and central to recovery efforts after the pandemic.”
The IT sector grew most amongst all industries, increasing by 11% in June and 18% in July. This growth places the industry at the center of relief efforts. In fact, the sector’s June 2021 growth surpassed pre-pandemic levels in June 2019, increasing by 52%.
Almost every sector registered growth in July, driving the country’s overall increase to 11%. Industries most severely impacted by COVID lockdowns have also recorded gains, including hotels, restaurants, airlines and travel (36%), accounting and taxation (27%), retail (17%), and banking and financial services (13%).
On a regional basis, prominent IT hubs Bengaluru (17%), Hyderabad (16%), and Pune (13%) witnessed double-digit growth. The country’s major cities also saw respective rises, with Delhi/NCR and Mumbai at 13% and 10%, and the hiring in Chennai and Kolkata standing at 10% and 4%.
Could these overall increases be a sign that the country’s economy is efficiently sustaining itself for a full resurrection? With the country’s job activity doubling (108%) in July 2021 compared to July 2020, it appears promising.