India is moving rapidly towards achieving the super economic power status owing to its vast economy, a relatively young demographic (Around 65% of India’s population are aged below 35 years), growing purchasing power, government initiatives, etc. One more factor that works for the country is the conducive environment for employment in India.
To help the country achieve it, the government has already announced production-linked incentives (PLI) for textile, semiconductor and several other product manufacturers.
The objective of PLI schemes is to boost manufacturing capabilities and employment in India. More production will lead to more incentives for manufacturers, thereby stimulating the country’s economic growth.
Read the article on employment in India by sector to identify the job hotspots. Let’s begin!
Analysing Employment in India by Sector
Digital Services
As India leads the Fourth Industrial Revolution (4IR), the country witnesses a growing integration of digital technologies across sectors. This creates a demand for skilled professionals in data science, software engineering and digital marketing. The digital economy, which offers the potential to generate 60-65 million jobs by 2025, will likely hire people with functional digital skills. India’s expertise in digital services will shape the future of work.
BFSI – The Hotspot for Employment in India
The banking and financial services sector is witnessing significant transformation and expansion in the wake of disruptive digital banking and insurance technologies. The emergence of fintech players is creating employment opportunities for skilled professionals in mobile and online banking technologies, cybersecurity, design and customer experience. Furthermore, transformative technologies in the insurance industry will likely raise its market size to US$ 250 billion by 2025.
Healthcare Services
India’s healthcare sector is witnessing growth in the wake of increased awareness and the rising critical illnesses among elderly people. The need for medical services, regular check-ups and preventive care has heightened. Healthcare trends such as telemedicine and health apps have enhanced healthcare accessibility among people. The hospital industry is estimated to have grown to US$ 132 billion by 2023. The demand for healthcare services will lead to vacancies for doctors, nurses, pathologists and various other staff.
Hospitality Sector
India’s hospitality sector is growing significantly owing to large-scale investments and attractive government policies such as VISA on arrival for tourists. The Ayodhya temple construction already saw massive employment for the local youths in the city. Now that the temple is officially open for all, travellers from around the world will likely come to witness the scenic beauty. Various market reports regarding data on employment in India indicate a surge in vacancies across hotel management, transportation, culinary arts and related services. India’s hospitality sector’s market size is expected to grow from US$ 23.5 billion to US$ 29.61 billion by 2028.
Logistics Sector – The Major Source of Employment in India After Covid
In the post-COVID pandemic era, the sector which has been in high demand is India’s logistics sector. The surge in employment in India has a lot to do with the growth in the logistics sector. The sector is expanding at a Compounded Annual Growth Rate (CAGR) of 12% and is estimated to add 10 million jobs by 2027, according to a report from TeamLease Services, a renowned staffing company. What explains the confidence behind such impressive job growth is a slew of government reforms such as the PLI scheme, robust production for domestic and overseas markets, rising consumption patterns, the prominence of same-day delivery services, growing disposable incomes, etc.
MSMEs Will Continue to Generate Employment in India
With over 30% contribution to India’s GDP and a monumental share in the country’s export growth, Micro, Small and Medium Enterprises (MSMEs) are a source of livelihood for many. Employment in India through MSME units stood at 123.6 million from the middle of 2020 to the middle of 2023.
Wrapping Up
Agriculture accounts for a nearly 43% share in employment in India. The rural population continues to rely on agriculture employment in India for their bread and butter. However, with a plethora of job opportunities across cities, the youth will continue to migrate to urban locations. They will likely grab jobs in the aforementioned sectors, which will drive India to the next phase of growth powered by skilled manpower, advanced technologies and government reforms, among other factors. For insights on the economy, personal finance, beauty, health, women empowerment and sports, tune in to zarooribaathai.in – The Voice of Truth.
