Bengaluru and Mumbai emerged as sunshine locations for hiring in India in the fourth quarter of FY23. This has reportedly been fuelled by the recovery from the Covid-19 pandemic and initiatives by the government, according to Teamlease report.
TeamLease Employment Outlook Report for Q4, reveals that Bengaluru and Mumbai have emerged as the cities with the highest hiring sentiment in the services and manufacturing sectors respectively.
“Surplus public investment in PLI schemes, the Indian Government’s asset monetization programme, increased private participation in key sectors, and the revisions in FDI laws in the defence and telecom sectors has fuelled growth in companies across sectors, especially in Tier 1 and Tier 2 locations. Companies are therefore shoring up their talent pool to meet their increasing requirements,” said Kartik Narayan, chief executive officer.
In the services sector, Bengaluru tops the list with 97% of employers expressing a higher hiring interest, followed by Chennai with 94%, Delhi with 90%, Hyderabad with 86% and Mumbai with 85%.
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When it comes to the manufacturing sector, Mumbai tops the list with 97% of employers expressing a higher hiring sentiment, followed by Bengaluru with 94%, Chennai with 89%, Delhi with 84% and Pune with 73%.
Bengaluru has shown the highest hiring intent, emerging as one of the top-two cities in both the sectors. Bengaluru and Mumbai have emerged as ‘sweet spots’ from a holistic perspective across sectors. Experts are also optimistic about the hiring outlook for the next quarter.
“The positive hiring outlook will likely continue in the next quarter as well,” Narayan added.
The report has stated that while Tier-1 cities have emerged on top with the highest hiring intent across both sectors, Tier-2 cities are not far behind with nearly 75% of employers indicating a positive sentiment. However, Tier-3 cities and rural areas are lagging behind with just 46% and 24% of employers expressing a hiring intent, respectively.
In the services sector, e-commerce and allied startups have the highest hiring intent at 98%, followed by telecommunications at 94% and educational services at 93%. On the other hand, healthcare and pharmaceuticals dominate the list in the manufacturing sector with a 98% hiring intent, followed by FMCG at 86% and electric vehicle (EV) and infrastructure industry at 71%.
“India’s GDP vision and multiple domestic focused initiatives has provided the much-needed impetus to the industry post the pandemic. This in turn has given a fillip to employment generation; improving the intent to hire across sectors, locations and industries. 60% employers in manufacturing and 77% in services, inclining to hire more, is a testament to the growing opportunities in the ecosystem,” said Mayur Taday, chief business officer.
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