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HomeBuisnessLabor Market in India: Pre-Covid | Job opportunities have increased in...

Labor Market in India: Pre-Covid | Job opportunities have increased in 6 areas The labor market is still not back to pre-Covid levels: jobs are up in 6 sectors but down in 14. Pi News

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Pi News –

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New Delhi6 hours ago

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The outlook for jobs in the country is worrisome. In 4 years, the annual growth of new jobs in the private sector was 3.1 percent, and the growth rate of the gross domestic product was around 4.5 percent. Compared to the pre-Covid period, employment at 49.44% of 2,975 companies fell by 8.2 million. 17.4 million new jobs were created in the remaining 1504 enterprises. Overall, job growth was only 9.2 million. This is stated in a Bank of Baroda research report.

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There were six sectors that posted job growth above the four-year average, including IT, finance and retail. Job growth in 8 industries was less than 2.5 percent. Companies in 14 sectors lost jobs. The largest job losses were in the telecommunications, automotive and ancillary industries. There were 7.06 lakh jobs available before covid which has reduced by 34.13% to just 4.65 lakh. The annual decrease was 8.35%.

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There is still time to reach pre-Covid levels
During the Covid era, companies have cut jobs on a large scale. Because they had no choice but to save the companies. Although companies are currently hiring. It will take time to get back to pre-Covid levels. -Bhanu Tapadia, Protelant, an employment consulting firm

Corporate new jobs fell 20% in 1 year
According to the report, the country’s corporate sector employs 81.2 million people. Only 3.9 million new jobs were created in one year. Experts say that number is too low considering the large number of people looking for work. In 2022, 4.9 million people were employed. So, this year employment opportunities have decreased by 20% compared to last year.

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