320,400 and Counting...
That's the number of jobs created over the past three months, with health care, hospitality and real estate leading the pack.
Cautious optimism returning to the economy has spurred action on the ground, going by the number of new jobs being created. The organised sector is estimated to have created nearly 320,400 jobs between July and September 2010, according to a survey by international HR service provider Ma Foi Randstad.
"The high gross domestic product and index of industrial production growth at the macro level, growth in the stock market and core infrastructural sectors, and a rise in foreign investments are the key drivers aiding job growth," says E. Balaji, Director and President, Ma Foi Randstad.
The charge was led by the health care, hospitality, real estate and construction sectors, which have created over 170,000 jobs in the last three months (July-September). Over the longer period of six months (April-September), too, the health care sector registered the highest increase in employment - 140,800, followed by hospitality, and real estate and construction, at 93,400 and 84,200, respectively.
Balaji attributes the rise in jobs in the health care sector to increasing lifestyle disorders, and a rising focus on wellness and preventive health care. India's top hospital chains such as Fortis and Apollo are planning to increase their bed capacity as well as open branches in several cities. Smaller players, keen to take advantage of the demand in urban and rural areas, are also boosting employment.
The frenetic activity dovetails with bright prospects for the industry in India, which is projected to more than double to $77 billion (Rs 3.5 trillion) by 2012, from $35 billion (Rs 1.6 trillion) at present. Meanwhile, for the hospitality sector, the survey attributes growth of jobs to government policies and a rise in domestic and inbound traffic.
"There has always been a chronic shortage of people in hospitality, but the announcement of an investment-linked tax deduction on capex in the Union Budget, an increase in allocation across schemes for infrastructure as well as road development have given a big boost to the sector," adds Balaji.
The growth in real estate is being linked to higher disposable incomes, new project launches and price appreciation in land. The real estate and construction sector has also reported the highest growth in terms of number of people employed, and it expects the maximum appreciation in average salaries at four per cent, followed by pharma (3.5 per cent) and health care (3.4 per cent) in the third quarter. Health care, hospitality, real estate and construction, information technology and IT-enabled services and education, training and consulting have been the top five job creators during the last six months, creating 575,000 jobs, according to the survey.
The survey expects the firms to continue hiring aggressively over the next two quarters if the economy sustains its growth.
-Anumeha Chaturvedi
| The job creators Health Care +72,000 Hospitality +52,000 Real Estate & Construction +48,000 Estimates for July-September 2010 Source: Ma Foi Randstad |
The charge was led by the health care, hospitality, real estate and construction sectors, which have created over 170,000 jobs in the last three months (July-September). Over the longer period of six months (April-September), too, the health care sector registered the highest increase in employment - 140,800, followed by hospitality, and real estate and construction, at 93,400 and 84,200, respectively.
Balaji attributes the rise in jobs in the health care sector to increasing lifestyle disorders, and a rising focus on wellness and preventive health care. India's top hospital chains such as Fortis and Apollo are planning to increase their bed capacity as well as open branches in several cities. Smaller players, keen to take advantage of the demand in urban and rural areas, are also boosting employment.
The frenetic activity dovetails with bright prospects for the industry in India, which is projected to more than double to $77 billion (Rs 3.5 trillion) by 2012, from $35 billion (Rs 1.6 trillion) at present. Meanwhile, for the hospitality sector, the survey attributes growth of jobs to government policies and a rise in domestic and inbound traffic.
"There has always been a chronic shortage of people in hospitality, but the announcement of an investment-linked tax deduction on capex in the Union Budget, an increase in allocation across schemes for infrastructure as well as road development have given a big boost to the sector," adds Balaji.
The growth in real estate is being linked to higher disposable incomes, new project launches and price appreciation in land. The real estate and construction sector has also reported the highest growth in terms of number of people employed, and it expects the maximum appreciation in average salaries at four per cent, followed by pharma (3.5 per cent) and health care (3.4 per cent) in the third quarter. Health care, hospitality, real estate and construction, information technology and IT-enabled services and education, training and consulting have been the top five job creators during the last six months, creating 575,000 jobs, according to the survey.
The survey expects the firms to continue hiring aggressively over the next two quarters if the economy sustains its growth.
-Anumeha Chaturvedi
