Indian Job Market to Grow by 6.33% in Early 2024: Report by TeamLease
A report by TeamLease projects a 6.33% growth in the Indian job market for the first half of FY 2024-25. The report highlights that 56% of employers expect their workforce to grow, 21% anticipate a decline, and 23% believe their workforce size will remain unchanged.
Key Factors Driving Growth
The growth is attributed to favorable economic conditions, including a nearly 7% GDP growth forecast for 2024, making India the fastest-growing G-20 nation. Strong investment demand, peaking headline inflation, and a greater emphasis on technology and skills by employers are also key factors.
Top Cities for Job Expansion
Delhi, Bangalore, and Hyderabad emerge as the top cities with the highest proportion of employers expanding their workforce sizes. These cities attract businesses due to their established infrastructure, large talent pools, and economic vitality.
Focus on Skill Gaps and AI
Nearly two out of five organizations are focusing on bridging skill gaps, highlighting a shift towards a more adaptable and skilled workforce. Generative AI (GenAI) is particularly noteworthy, with 35% of organizations reporting significant changes in their talent acquisition strategies to integrate advanced AI technologies.
Unemployment Trends
The report states that 83% of the unemployed workforce consists of youth aged 15-29. The national unemployment rate has decreased to 3.1% in 2023 from 3.6% in 2022. The unemployment rate in urban areas also decreased from 7.2% to 6.5% for persons aged 15 years and above between October-December 2022 and October-December 2023.
Growth of the Gig Economy
The gig economy in India is experiencing rapid growth, with gig workers projected to rise from 7.7 million in 2020 to 23.5 million by 2029-30. The distribution of gig work includes 47% in medium-skilled jobs, 22% in high-skilled jobs, and 31% in low-skilled jobs.
Media & Entertainment Industry
In the Media & Entertainment industry, digital transformation and changing consumer preferences are driving 48% of employers towards workforce growth in the first half of FY 2024-25. However, the other half of the industry faces turbulence and uncertainty.
