The Indian employment market is likely to see a significant 6.33% incremental workforce expansion or new job creation in H1 FY25 (April-September), up from about 4.2% in H2 of FY24 (Oct-Mar), according to employment outlook data from a survey conducted by Teamlease Services involving about 1,500 companies.
Workforce expansion is a critical indicator of economic growth, business confidence, and organizational strategy.
About 56% of the surveyed employers across 23 industries said their workforce will likely grow in the coming months, while 23% anticipate maintaining manpower at current levels with replacement hiring, the survey findings shared exclusively with Economic Times revealed.
Economists and company officials attributed the uptick in hiring to overall growth in corporate turnover, projected GDP growth above 7%, rising capital expenditure, and steady public spending despite ongoing global macroeconomic headwinds, caution, and layoffs in some sectors.
In the survey sample, 21% foresee declining staff numbers.
Industries expected to see the greatest positive change in workforce size include construction & real estate (11.5%), travel & hospitality (9.86%), and EV & EV infrastructure (9.17%). Industries with the most employers planning to increase their workforce are healthcare, pharma, automotive, manufacturing, engineering, and infrastructure.
Despite hostile geopolitical conditions, strong investment demand and peaking headline inflation, along with an increasing emphasis by companies on technology and skills, are leading to job creation—many in emerging areas. Nearly two out of five organizations are prioritizing skills development, equipping their workforce for the technological advancements ahead.
