Faster Non-IT Hiring Shows ‘Structural Shift’ In India's Economic Growth: Info Edge CFO
Non-IT sectors emerged as fresher hiring hotspots in November, according to Info Edge’s job portal Naukri.com.
The faster growth in the non-information technology hiring segment as compared to the IT hiring space shows a structural shift in the growth of India’s economy, Info Edge (India) Ltd.’s Executive Director and Group Chief Financial Officer Chintan Thakkar has said.
Thakkar’s comments come days after Info Edge’s job portal Naukri.com released the Naukri JobSpeak Index for November 2024. In the latest report, data showed that white-collar hiring activity grew 2% year-on-year in November, with a healthy 6% growth in the festive season.
Non-IT sectors also emerged as fresher hiring hotspots in November, with Oil & Gas (+14%), FMCG (+6%) and GCCs (+4%) emerging as standout performers, it said.
Talking to NDTV Profit about the index movement in white-collar and English-speaking hiring in India over the past few years, Thakkar said that traditionally IT jobs have grown faster than or at least at an equal pace with the economic growth.
However, this has changed over the past two years, he noted.
“This is certainly what is changing. For the non-IT (sector), for almost the past two years, we have seen that the non-IT sector seems to be growing much faster than the IT segment,” he said.
The Info Edge Group CFO noted that this implied a “structural shift” in the economy. “This, kind of, shows the structural shift in how the economy is growing,” he said.
Thakkar stressed that the non-tech sector seems to be doing much better than what the tech sector has been doing, “which has not been there for the past decades”.
“That's certainly a new trend and that's a very interesting trend. That's why the tier-two, tier-three towns are showing much better growth in overall economic activities,” he said.
Tier-two cities like Jaipur (+14%), Udaipur (+24%), and Kota (+15%) emerged as hiring hubs, with Jaipur registering 20% year-on-year growth in hiring by foreign MNCs. Odisha’s Bhubaneswar also registered a 21% increase in hiring activities.
The data further showed that while freshers' hiring has increased in certain pockets, there has been a 14% YoY growth in hiring for professionals with 16-plus years of experience in November. Thakkar said that this shows that there is "depth" in the jobs market.
Shares of Info Edge early on Wednesday were trading 0.08% higher at Rs 8,526 apiece on the NSE, compared to 0.06% rise in Nifty 50.
