Nearly 60% of employers expect hiring to increase due to Production-Linked Incentive (PLI) over the next two years, a TeamLease report has revealed. The boost from the PLI scheme is also estimated to impact the MSME ecosystem and bring more women to the workforce, the report added.
According to the report, this positive hiring sentiment is attributed to the pharmaceutical industry (68%), followed by white goods industry (67%) and textile products (62%). From an organization size perspective, small and medium-sized organizations (70% each) lead from the forefront, followed by large organizations (22%). The overall intent to hire across small and medium sized organizations is highest in Indore (86%), Chennai (73%) and Pune and Gurgaon (65% each). The report further finds employers from cities such as Indore, Pune and Ahmedabad anticipate a 20% plus incremental growth in employment in the next two years.
“The PLI scheme is a revolutionary one. It will not only boost investments and growth across industries but is also expected to lead a significant surge in employment opportunities. Over 60% of employers in India Inc. are planning to hire more due to the PLI scheme over the next couple of years. Another major aspect that PLI will address is diversity of the workforce. PLI is expected to bring more women to the forefront,” Sumit Sarabhai, business head, Emerging Vertical, TeamLease Services, said.
Sarabhai added that cities like Gurgaon and Indore (71% each), Kolkata (69%), Delhi (67%) and Nagpur (67%) still prefer hiring male candidates, while cities like Chandigarh (31%), and Chennai (30%) are more inclined towards female employees, especially across industries such as textiles, pharmaceuticals, and large-scale electronics manufacturing.
Interestingly, the pharmaceutical industry is also inclined towards hiring from the LGBTQ community, he said. However, a few industries such as Textile Products (37%), Pharmaceuticals (36%), and Large Scale Electronics Manufacturing (30%) believe that there will be a preference for hiring female employees as a part of the PLI scheme.
“Even for the MSME sector, which contributed to about 30% of our GDP, the PLI scheme is a positive foot forward as it will boost investment in MSMEs especially in Textile Products, Specialty Steel and Automobile and Auto Components industries,”. Sarabhai pointed out.
In terms of the job profiles, the large scale electronics manufacturing industry (70%) employers hiring blue collar workers and (60%) employers hiring for temporary staffing is expecting up to 10% net incremental growth. On the other hand both large scale electronics manufacturing (60%) industry and textile industry (66%) is expecting up to 10% net incremental growth for female workers. Besides hiring, employers also anticipate that PLI-related benefits will boost employee productivity and contribute to business growth.