India’s job market is showing strong signs of growth, with an 11% increase in hiring activity year-on-year from July 2023 to July 2024, according to the latest foundit Insights Tracker by foundit, formerly Monster APAC & ME.
The tracker reveals a significant boost in entry-level salaries, particularly in the retail and telecommunications sectors, which saw 15% and 14% growth respectively. This surge comes amid an overall positive trend in the job market, despite a slight 1% month-on-month decline in July 2024.
Sekhar Garisa, the CEO said, “The strong focus of the recent Union Budget on productivity and job creation is an encouraging sign for the recruitment industry. We have also noticed that the salaries of employees have consistently risen driven by higher demand for fresh talent and competitive salary offerings. This growth is likely fueled by high-growth sectors such as technology, digital marketing, and e-commerce.”
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The consumer electronics industry emerged as a major driver of growth, with a remarkable 45% year-on-year increase in hiring. This boom has had a ripple effect on the manufacturing sector, which saw a 43% yearly growth in hiring activity.
Other sectors showing strong performance include real estate and construction and engineering, with 32% and 29% increases in hiring respectively. The automotive industry also demonstrated robust growth at 18%, driven by investments and sustainability initiatives.
In terms of job roles, the hospitality and travel sector continued its post-pandemic recovery with a 28% surge in hiring. Marketing and communications roles also saw a significant uptick of 24%, reflecting the increasing importance of digital presence for brands.
However, some sectors faced challenges. The import/export industry experienced a 32% drop in hiring, while customer service roles saw a 25% decline, possibly due to increasing automation and AI adoption.
Geographically, tier-2 cities showed promising growth, with Coimbatore leading at 24%, followed closely by Jaipur at 23%. Among major cities, Delhi-NCR (18%), Chennai (14%), and Pune (12%) demonstrated strong hiring activity.
The tracker also highlighted a balanced demand across experience levels, with freshers (0-3 years experience) seeing a 13% increase in demand, while senior professionals (over 15 years experience) experienced a 6% growth.
These findings suggest a dynamic job market in India, with opportunities in sectors embracing technological advancements and new economic initiatives.