Intent to hire in the manufacturing sector went up by 2 per cent points to 57 per cent in quarter three (Q3), compared to 55 per cent in Q2, finds a report.
Similarly, the intent to hire across the manufacturing and services sectors combined was up by 4 per cent points to 65 percent in Q3, compared to 61 per cent in Q2, according to the report by TeamLease. The intent to hire in both the manufacturing and service sectors is expected to increase to 70 per cent in the next few quarters.
Employment opportunities
“Quarter three projections for the intent to hire, especially in the manufacturing segment, stand strong. Much of this optimism is driven by the resurgence in the industry, increased consumer demand this festive season and the additional impetus introduced by the government,” said Mahesh Bhatt, Chief Business Officer, TeamLease Services.
The report finds that metro and tier-I cities—91 per cent—show a higher intent to hire compared to tier-2 cities—69 per cent. Tier-3 cities accounted for 39 per cent, while rural areas accounted for 21 per cent.
The top cities for manufacturing employment opportunities include: Mumbai (93 per cent), Bengaluru (90 per cent), Chennai (83 per cent), Delhi (79 per cent), Pune (67 per cent), Hyderabad (61 per cent), and Ahmedabad (61per cent). According to the report, the top industries in the top cities are — Fast moving consumer goods in Bengaluru; manufacturing, engineering, and infrastructure in Mumbai, and agricultural and agrochemicals in Chennai.
Additionally, the ₹2.65 lakh crore stimulus package by the Government of India to generate job opportunities and provide liquidity support to tourism, aviation, construction, and housing has been lucrative towards increasing employment opportunities in the manufacturing sectors , added Bhatt.
TeamLease Services, on Tuesday, launched the “Employment Outlook Report” for Q3 (October to December 2022) for the manufacturing sector.
Published on November 1, 2022
