The hiring for white-collar jobs in India experienced a 19% decline in July compared to the same period last year. Various sectors, including FMCG, retail, insurance, and education, displayed cautious recruitment sentiments, as revealed by a recent report. According to the Naukri JobSpeak Index, which was released on Tuesday, the number of job postings for white-collar positions reached 2,573 in July, reflecting an 8% decrease from the previous month and a 19% decrease from July 2022.
Naukri JobSpeak Index is a monthly indicator that provides insights into the country’s job market and hiring trends based on new job listings and recruiter searches on Naukri.com’s resume database. The report stated that the IT industry continues to be a concern, with a 46% decline in new job creation compared to July of the previous year. Additionally, sectors such as FMCG, retail, BPO, insurance, and education witnessed a decline of 16-23% in new job creation compared to July last year.
Sectors focused on the domestic economy, such as oil and gas and real estate, maintained a strong hiring momentum. This highlights the resilience of the domestic economy, as stated in the report. Pawan Goyal, the Chief Business Officer at Naukri.com, stated, “Positive hiring trends seen in domestic sectors like oil and gas, real estate, and hospitality, along with stable hiring for AI-related roles, demonstrate the adaptability and diversification of the Indian job market.” Meanwhile, the number of new job openings in AI-related fields remained stable in July at around 31,780, compared to 32,205 in June.
With the ongoing boom in AI, there is a strong demand for niche roles like full-stack AI scientists and ML engineers, with a 9% and 6% increase in new job openings, respectively, compared to the beginning of the year. The tech and finance sectors exhibit the highest demand for these roles, according to the report. In terms of cities, Jaipur and Vadodara witnessed a steady rise in hiring indices, with a 4% and 2% increase, respectively, compared to July last year. This growth was primarily driven by the oil and gas, pharma, and auto sectors.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
