India may see the addition of 11.5 lakh jobs in the formal sector during the first half of FY20, a report said.
Even as employment scenario remains weak, India may see the addition of 11.5 lakh jobs in the formal sector during the first half of FY20, a report said, adding travel, hospitality and BPO/ITeS are likely to be the top contributors. The positive job outlook is mainly on account of a stock market rally, rise in investments, the revised the FDI regulations and government policies across sector, the TeamLease Services report added.
The general elections and formation of the new government at the centre are expected to make the sentiment more conducive in the April-September period of fiscal year 2020, she added. Even as all the sectors in the economy are expected to gain, the fresh graduates would be the biggest gainers, Rituparna Chakraborty, Co-Founder & Executive Vice President TeamLease Services, said. The freshers may find jobs in retail-Delhi (8,250 jobs), educational services-Bangalore (6,870 jobs), retail-Chennai (5,550 jobs), retail-Bangalore (4,960 jobs), educational services-Mumbai (4,180 jobs), FMCG/Delhi-Mumbai (4,210 jobs), the report noted.
The report further states that retail, logistic, educational services, fast moving consumer goods and durables may add 1.66 lakh, 1.49 lakh, 1.17 lakh and 1.10 lakh jobs, respectively. Furthermore, the positive outlook for mid-level and junior level executives is also set to rise, the report added.
Of the 19 sectors that were surveyed, construction and real estate, IT, KPO, telecommunication and travel and hospitality saw significant decline in attrition in April-September FY19 as against October-March FY19.
Meanwhile, the Narendra Modi-led NDA government has been under contact attack from the opposition in these elections on the issue of sluggish employment scenario. A recent leaked government data showed that India’s unemployment rate rose to a 45-year high during 2017-2018.