Employment slips just 1% aided by low hiring growth: Study
Mumbai, Aug 7 (PTI) There has been a marginal decline
of 1 per cent in employment growth at 6.6 per cent mainly due
to a larger number of companies having witnessed lower or
negative hiring growth, according to a report.
The employment growth in 2016-17, was at 7.7 per cent,
Care Ratings said in a report.
Mainly companies with a turnover of between Rs 50-100
crore, Rs 100-250 crore and Rs 500-1,000 crore have witnessed
negative employment growth, the report added.
Large companies, above Rs 1,000 crore net sales have
witnessed robust employment growth, it added.
"We observe that sectors like shipping, media and
entertainment, abrasive, electrical, iron and steel and
diamond have witnessed a robust sales growth in FY18 but at
the same time have witnessed a negative growth in employment.
On the other hand, telecom sector has witnessed negative sales
growth but has provided employment, having witnessed a growth
of more than 15 per cent," the report said.
Sectors including agriculture, iron and steel,
abrasives, diamond and jewellery, electrical, ship-building,
media, paper saw 6.7 decline in employment growth followed by
plastic (8 per cent) and diversified (12.6 per cent).
While, ferro-manganese, consumer durables, chemicals,
hospitality, trading, FMCG, capital goods, logistics and
textiles witnessed marginal decline in hiring growth.
The sectors like crude oil witnessed 19.2 per cent
growth in employment followed by alcohol (17.3 per cent),
finance (16.9 per cent), telecom (16.3 per cent), construction
materials (15.6 per cent), aviation (13.1 per cent), realty
(13 per cent), non-ferrous metals (10.5 per cent), automobile
and auto-ancillary (10.3 per cent), retailing (8.8 per cent)
and banking (7 per cent).
Further, the report said, public sector companies
witnessed a higher employment growth in 2017-18, compared
In case of private companies, there has been a
marginal decline in FY18 but the employment growth
continued to remain robust and close to the aggregate level of
6.6 per cent.
However, employment growth in sectors like realty,
non-ferrous, automobile and auto-ancillary, aviation, finance,
crude oil, construction, alcohol have been backed by a robust
sales growth in the sector as well, it added. PTI SM DSK
SDM (This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)