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HIRING OPTIMISM GROWS AS DEMAND GATHERS PACE

Focus: GS-III Indian Economy

Why in news?

  • India’s formal jobs market seems to be stabilizing and hiring is expected to pick up over the 6-month period after July 2020.
  • However, the recovery seems to be uneven with most opportunities emerging from sectors that were least affected by the coronavirus lockdown.

Details

  • Several industries such as education and healthcare are expected to lead the way in fresh recruitments as the spread of covid-19 and the lockdown have led to a sharp spike in demand.
  • While the pandemic has forced many firms to downsize, a few industries are also benefiting from the changed realities of the post-pandemic world.
  • Firms that express their intent to hire soon include those in healthcare, online education, e-commerce and consumer goods.
  • Hiring by airlines, hotels and many manufacturing companies will likely remain weak.
  • While hiring intent can change in future, the top-ranking sectors in the survey are expected to do the bulk of their hiring in the next six months.
  • Firms in packaged consumer goods and farm equipment are likely to feel more confident about hiring as demand has either neared the pre-covid level or have exceeded it.
  • Even as a demand revival takes hold, intermittent and localized lockdowns have disrupted manufacturing and supply chains.
  • The e-commerce sector is expected to add a significant number of jobs.
  • A good monsoon and the government’s increased allocation to rural employment schemes is expected to create a diverse range of jobs in the rural sector.

-Source: Livemint

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