The Indian Government has undertaken certain economic reforms and business-friendly initiatives recently, which have boosted the Indian economy to emerge as one of the world’s largest economies. During 2021, India emerged as the 5th largest economy in the world surpassing Great Britain in the global economic race.
India has been predicted as a highly lucrative market to invest in, so there are some positive clues about the future of the Indian job market. In recent years, there have been some serious job cuts in some sectors, nevertheless new industries have also emerged that have created ample job opportunities all across the country.
Right now, employment trends are fluctuating every now and then as per the industry types. The supply and demand of specific goods or services at a given time contribute critically over here. As the demand rises, more labor is required to meet the same, resulting in more job opportunities, and as it lowers, the results are definitely not pleasant, affecting the workforce badly, both in India and abroad.
In spite of all fluctuations, there are certain promising sectors in India which are not likely to disappoint candidates as a working professional in the upcoming years. Prior to heading on to that, we need to explore those factors that have been influencing the Indian job market for a long time now.
Factors affecting the Indian Employment Market
Major factors that have significantly impacted the Indian job market and shall continue doing so in the coming years, fall under 3 major categories:
- Globalization: Exports from Indian manufacturers/suppliers have intensified with the use of exponential technology by developed economies. Its effect on offshoring with the impact of the foreign job market on the Indian workforce have influenced the amount of FDI flow in India.
- Demographic Fluctuations: Expansion of the middle-class section of the society with a major chunk of the population including young people, with growing urbanization, have influenced the number of job-seekers in India.
- Exponential Technology adoption across Industries in India: The boom in the usage of connected/smart services and products, with development of highly optimized supply chains, business, and technological innovations, have significantly increased need for sustainability and new business models.
Indian Sectors thriving with Great Job Prospects
The factors discussed above are all volatile and will continue to influence the Indian job market chart. But job seekers must focus on the below-mentioned sectors already booming or highly anticipated to boom in the near future to create innumerable job opportunities:
Pharma and Healthcare
Numerous reports suggest that the healthcare domain will benefit the Indian economy with more job opportunities to the Indian employment market. The Indian healthcare sector has an advantage over other developing economies in emerging as an international hub for medical tourism, because the medical care costs in India are much lower than in other developed countries.
The country, although, has to go a long way to stand at the forefront of drug research, India has a great market potential in this sector. This will create multiple jobs across various verticals, including HR, sales, IT, operations, etc. within the Indian pharma and healthcare domain.
The Indian Telecom sector is improving with each passing year, and India currently boasts an internet user-base of 1.2 billion people, which is the world’s 2nd largest. Government initiatives like Digital India have increased this number, thereby generating more technologically advanced people along with the increased adoption of mobile devices.
Major attention to mobile app technology with other digital communications technology will definitely create more jobs in the near future. Reports suggest that about 5 million indirect and direct jobs are going to get created by the Indian mobile industry within the next few years.
Knowledge Process Outsourcing (KPO)
From the recent studies, we get to know that the KPO sector in India is experiencing substantial growth each month. The requirement for a skilled workforce within the domain of big data is the most important reason behind increasing job opportunities within this sector.
But, to secure a job in this sector and succeed in it, we recommended to develop skills and train oneself for jobs pertaining to data mining, technical data extraction, and data management, along with other specializations. Most noticeable, the earnings one can make from such jobs are also fair enough, both for freshers and experienced candidates.
The Indian retail scenario is also transforming, particularly because of the advent of several structured forms of retail chains within the market. The tax regime (GST) right after demonetization has made Indian retailers to adopt new and organized forms of customer management. This has resulted in a huge demand to hire skilled and experienced professionals to plan and execute multiple functions within the retail sector.
Media and Entertainment
As per reports, the Indian media and entertainment industry is expected to expand at a 15% compound annual growth rate, surpassing the global average rate of 7%. This growth trend is prominent with an increasing number of theme parks, multiplexes, and relevant entities across the nation.
The Indian employment market is expected to get a major up-thrust by this trend, with recent industry-specific law reforms adding further to this surge to create more jobs across the sector.
The market share of e-retail giants like Flipkart, Amazon, and PayPal show that the Indian e-commerce sector is not going to witness a rollback soon. Rather, employment opportunities in the e-retail sector are estimated to grow by nearly 17 percent.
The government is also undertaking efforts to boost the sector for economic and employment-related benefits using initiatives like Skill India, Digital India, and Startup India. These industry reforms have helped rural artisans and skilled women to get employment and showcase their talent to the world via e-commerce channels.
The sector is likely to create and sustain a stable job market, while assisting other sectors like SMEs, IT, and Logistics, among others.
The IT sector has been hugely blamed for several layoffs in the last couple of years, but various reports suggest that it is still one of the largest employment-generating sectors in India. In the forthcoming years, the IT sector is predicted to bounce back with the adoption of emerging technologies like machine learning, neural networks, robotics, and artificial intelligence (AI).
This will directly affect the job market and is expected to grow by around 25%. So, it’s also estimated that both fresh gads and accomplished professionals will be equally benefitted, with their average salaries growing by 15%. By 2024, three million additional jobs are estimated to be added to the Indian IT industry globally with Indians contributing to nearly 17% of this figure.
The Indian banking and financial sector (BFSI) might require a whopping workforce of 12 million people by 2024. As far as the salary of existing banking employees is concerned, it is expected to witness a growth of 15 percent in the upcoming years. This job demand is due to the departure of baby boomers from the sector, the void created by them to be filled by relatively younger professionals to manage and enhance a cashless and digital economy.
The workforce that BFSI employers are looking for will mainly consist of 40-50% youngsters, between the age bracket of 27 to 34 years. The sector will, in future, face a massive revival to generate more employment within the industry.
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