The Job market poised for growth in 2024, manufacturing and BFSI adding more jobs in India
The Job market with a notable 19% increase in hiring intent overall from the previous year, India's job market is expected to see a major upturn in 2024.
The Job market poised for growth in 2024, and manufacturing and BFSI will be on top in adding jobs in India
India’s employment market is expected to expand in 2024, as seen by the remarkable 19% increase in hiring intent overall from the year before. 2024 is expected to be a pivotal year in the always-changing Indian labor market as data and AI investments come together to power the training environment and the nature of work in the future.
In addition to hiring for hybrid jobs, the research “Redefining Employment and Employability: Navigating the Talent and Jobs Landscape,” released by Taggd, forecasts a 3% increase in the number of women hired, from 33% in 2023 to 36% in 2024. In 2024, about two out of every three jobs will be in hybrid roles.
Hiring intent by sector
Leading the way with a robust 25% hiring intent are the manufacturing and BFSI sectors, suggesting a strong focus on talent acquisition and industrial expansion in the financial sphere.
The Global In-House Centers (GIC) sector, Internet business, and the automobile industry are all expecting a 20% increase. Their optimistic views of the auto sector are in line with predictions of increased demand. The positive hiring intentions in the Internet business and worldwide in-house centers (GIC) sectors are noteworthy, since they both represent a noteworthy 20% of the total. This indicates the ongoing significance of technology and worldwide operations.
With a 16% share, the pharmaceutical industry also shows good intentions, highlighting further expansion in the healthcare sector. In contrast, the IT industry has a more controlled strategy, with a 3% hiring goal, which reflects the need for nuanced tactics in light of changing industry circumstances.
Notable is the prediction that the top 5 states with the most available talent pools are Tamil Nadu, Delhi, Bangalore, Hyderabad, Maharashtra, and Karnataka. Emerging sectors like biotechnology, green hydrogen, and battery energy storage are set for growth driven by investment, which will present chances for both international businesses and jobseekers.
Devashish Sharma, founding member and CEO of Taggd, remarked at the launch of India Decoding Jobs 2024, “Despite past uncertainties, India’s resilience shines through with over 6% annual GDP growth, making it the fastest-growing major economy.” Positive hiring trends point to a robust recovery, particularly in industries like manufacturing, BFSI, and the automobile sector. India’s capacity to rethink and recover is further demonstrated by the emphasis on diversity, upskilling, and the creation of new roles enabled by generative technology and artificial intelligence.
To further mark the event, Devashish stated, “Employers and candidates alike will continue to favor hybrid roles.” Furthermore, the poll highlights the critical role played by the digital economy, with industries such as IT, finance, and healthcare seeing notable expansion. These encouraging patterns support our group’s adaptation, resilience, and readiness to deal with the changing environment, creating an environment where creativity, variety, and adaptability are valued highly at work.”
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