Here’s how IT/ITes, service sector and manufacturing sectors will create jobs in the current fiscal year.
- The Indian IT sector is expected to grow at a rate of 12-14 per cent for FY2016-17 in constant currency terms.
- India’s internet economy is expected to touch Rs 10 trillion (US$ 146.72 billion) by 2018, accounting for 5 per cent of the country’s GDP
- Exponential” technologies including robotics, virtual and augmented reality (VR) (AR), 3-D printing, and artificial intelligence (AI) are opening up significant areas of opportunity.
- Cognitive technologies such as machine learning, natural language processing, and speech and pattern recognition are being embedded in software applications, imbuing big data with superior capabilities.
- The Internet of Things, Cyber security products and services are another area with a bright future.
- IT companies are expected to hire in lesser volumes because of automation.
Services sector :-
- Services sector employers anticipate a booming labor market, reporting an Outlook of +43%,
- Services sector employers expect an active hiring pace, reporting an outlook of 25 per cent.
- The performance of trade, hotels and restaurants, and transport, storage and communication sectors are expected to improve in FY17.
- Education sector expected to see maximum growth as there will be more demand for the teaching professionals.
- Pharma sector also expected to see 20% growth in hiring activities.
- Mid level professionals with 5-10 years experience will be most sought in 2017.
- Manufacturing sector to see 15% growth in hiring activities and it would one of the top job generators in 2017.
- However, hiring outlook remains subdued in manufacturing in coming months as three quarters of the participants in second quarter of 2016-17 are unlikely to hire additional workforce in next three months.
Small and Medium Enterprises (SME)
- Small businesses by a significant measure of 72% compared to the previous half year.
- More small businesses are optimistic about hiring this half year than there were during the last.
- Any of these are startups that have survived the onslaught of funding woes and are discovering white spaces for furthering their rapid growth.
- SMEs will be expected to see an increase in senior level hiring growth in 2017.
- Mobile internet and transforming small-town aspirations are drivers of this trend.