Skip to main content

Optimistic FY24 jobs forecast: Positive growth in manufacturing, energy, textile sectors

By Sakshi Giri 
TeamLease Services, India's leading staffing conglomerate revolutionizing employment, employability, and ease of doing business, has unveiled its highly anticipated 'TeamLease's Employment Outlook Report' for the second half of the fiscal year 2024 (October 2023 to March 2024). 
The report spotlights hiring trends in key sectors, showcasing the dynamic landscape for India's employment stakeholders.

Key Findings

The report reveals compelling data on the percentage of employers interested in incremental workforce expansion, new hiring, and replacement hiring across vital sectors:
Manufacturing, Engineering & Infrastructure:
Incremental Workforce Expansion: 74%
Incremental New Hiring: 69%
Incremental Replacement Hiring: 63%
Power and Energy:
Incremental Workforce Expansion: 77%
Incremental New Hiring: 73%
Incremental Replacement Hiring: 88%
Textiles:
Incremental Workforce Expansion: 69%
Incremental New Hiring: 65%
Incremental Replacement Hiring: 73%

City-wise Employment Trends

Manufacturing, Engineering & Infrastructure:
Chennai leads in incremental workforce expansion with 15.5%, followed by Bangalore and Coimbatore with 12.1%.
Textiles:
Hyderabad secures the top position in incremental workforce expansion with 22.2%, followed by Chennai and Ahmedabad with 16.7% and 16.6%, respectively.
Power and Energy:
Kolkata emerges as the epicenter for incremental workforce expansion at 12.5%, followed by Chennai and Mumbai with 10%.
Incremental New Hiring:
Chennai tops the charts in manufacturing, engineering, and infrastructure with 16.6%, followed by Bangalore and Coimbatore with 11.1%.
Ahmedabad leads in textile hiring with 23.5%, followed by Chennai and Hyderabad with 17.6% each.
Kolkata leads in power and energy with 13.2%, followed by Mumbai with 10.5%.
Incremental Replacement Hiring:
Chennai takes the lead with 14.3% in manufacturing, engineering, and infrastructure, followed by Hyderabad and Kochi with 10.2%.
Hyderabad and Ahmedabad lead in textile hiring with 21.1% and 21.0%, respectively.
Kolkata and Coimbatore emerge as epicenters for power and energy with 10.9%.
TeamLease Services continues its mission to revolutionize employment, empower businesses, and enhance the ease of doing business in India. This report stands as a testament to the company's commitment to providing valuable insights for strategic decision-making.
Subburathinam P, Chief Strategy Officer - Staffing, TeamLease Services: “It's encouraging to see substantial growth in incremental workforce expansion across these sectors, showcasing promising opportunities for employment stakeholders. The data underscores significant developments in cities like Chennai, Hyderabad, and Kolkata, highlighting the evolving job market dynamics."

Comments

TRENDING

'Modi govt's assault on dissent': Foreign funds of top finance NGO blocked

By Rajiv Shah  In a surprise move, the Ministry of Home Affairs, Government of India, has cancelled the foreign funding license of the well-known advocacy group, Centre for Financial Accountability (CFA), known for critically examining India's finance and banking sectors from human rights and environmental angle.

Misleading ads 'manipulate, seduce, lure' to market unhealthy harmful food

By Our Representative  The Nutrition Advocacy in Public Interest (NAPI) in its new report “50 Shades of Food Advertising” has sought to expose how seductive, luring, manipulative or deceptive these advertisements can be. Consequences of such advertising are increased intake of unhealthy food products that is associated with obesity and diabetes, it says. 

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Why's Govt of India reluctant to consider battery storage system for renewal energy?

By Shankar Sharma*  If having so many small size battery energy storage system (BESS) at different locations of the grid, as in the report from Australia (a portfolio of 27 small battery storage projects across three Australian states that will total arounds 270 MWh), is considered to be techno-economically attractive in a commercially driven market such as Australia, the question that becomes a lot more relevance to Indian scenario is: why are our planners not in favour of installing such small size BESS at most of the distribution sub-stations not only to accelerate the addition of RE power capacities, but also to minimise the need for large size solar/ wind power parks, dedicated transmission lines and pumped storage plants; which will also minimise the associated technical losses.

'Failure of governance': India, China account for 54% pollution-related deaths globally

By Vikas Parsaram Meshram*   A recent report jointly prepared by UNICEF and the independent research organization Health Effects Institute has been released, and the statistics within it are alarming. It states that in 2021, air pollution caused the deaths of 2.1 million Indians, including 169,000 children who hadn't yet fully experienced life. These figures are indeed distressing and raise questions about why there hasn't been more serious effort in this direction, putting policymakers to shame. 

New MVA-INDIA MPs asked to raise Maharashtra milk farmers' demand

By Our Representative  All-India Kisan Sabha (AIKS) national president Dr Ashok Dhawale and AIKS Maharashtra general secretary Dr Ajit Nawale have asked three newly-elected MPs of the Maha Vikas Aghadi (MVA-INDIA) from the milk belt of Maharashtra Dr Amol Kolhe (NCP),  Bhausaheb Wakchaure (SS), and Nilesh Lanke (NCP), to take up the cause of milk farmers of Maharashtra in Parliament.  After congratulating them on their resounding victory over their BJP-NDA rivals, the AIKS leaders apprised them of the milk farmers struggle which is intensifying in the state under the leadership of the AIKS and the Milk Farmers Joint Struggle Committee, and requested them to support it. All three MPs agreed not only to support, but also to take the initiative in this struggle, an official AIKS communique claimed. Farmers in Maharashtra are currently getting as low as Rs 24-27 per litre for cow milk, which is being sold in the market for Rs 56-60 per litre, the AIKS leaders noted. The low price to farmer