The Global economy has been facing a widespread economic slowdown and India undeniable is suffering too. Even though many claims that India has more of internal issues for impacting its growth, the reality remains, it is facing an economic slowdown, especially looking at sectors like automobile and telecom.
However, India still has hope in the form of three angels that would lead the way –
1) The IT sector
The sector which is called the saving grace for India and is known as India’s backbone worldwide is leading the way for job creation. Not only does it show a positive level of job creation, but the sector also shows an increase in the net average salary by 30% from the year 2014. Information technology (IT) and IT enabled-services are growing rapidly considering the rise in cloud computing, app development, artificial intelligence, blockchain, machine learning, etc. Companies not only look for people with traditional skills but also new ideas, training and a willingness to learn.
2) Financial sector
BFSI or Banking, Financial Services, and Insurance sector have also seen a rise in mid-level hiring mostly due to two reasons. First, an increasing level of start-ups which look for young, different and creative talent and second, a rise in the technological advancement of the sector. FinTech is now a common term in the job markets where new-age concepts and talent is well appreciated.
3) Education sector
This might sound a little off track, especially considering how the other two sectors are more in-depth technology-based answers. However, one has to realize, this is the sector that actually brings forth the well-educated and trained professionals to actually apply for job roles. As the need for new solutions is rising, this sector is evolving, developing and changing. For example, online teaching start-ups and a lot of shifts in teaching trends are a major reason for the rise in employment generation here.
India has a long way to go and these sectors will be it’s ride and guide throughout!
