India's White-Collar Job Market Experiences 12% Yearly Growth in February
Synopsis
Key Takeaways
New Delhi, March 3 (NationPress) - In a remarkable turn of events, India’s white-collar job sector recorded its highest performance for February in recent years, showcasing a 12% year-on-year (YoY) growth from 2,890 to 3,233, as per a report published on Tuesday.
Comparatively, the month-on-month increase from January to February reached 23%, significantly surpassing the usual growth rate of 13–16% typically observed during this transition.
Entry-level hiring (0–3 years of experience) experienced a 17% YoY surge. Demand for positions within the 20+ LPA salary bracket also saw a substantial increase of 23%.
Looking at the sectors, insurance led the way with a 28% increase, followed by BPO/ITES at 22%, real estate at 19%, hospitality/travel at 15%, and retail at 14%.
The IT sector noted a 6% increase after remaining stable in previous quarters, while roles in AI/ML soared by 49% YoY.
Within the IT field, hiring in salary brackets below 20 LPA remained unchanged, while positions in the 20+ LPA category grew by 19% YoY, with roles offering 50+ LPA experiencing a remarkable 45% surge.
During this time frame, fresh IT sector hiring rose by 8%. Indian IT MNCs reported a 55% YoY growth in hiring, alongside a 40% increase in AI/ML roles. Notably, overall fresher hiring growth was predominantly driven by non-IT industries.
Dr. Pawan Goyal, Chief Business Officer at Naukri, noted that the 23% month-on-month growth demonstrates a meaningful recovery in IT and robust AI investment from Indian MNCs.
He stated, "The underlying momentum heading into the new fiscal year appears genuinely strong.”
Hiring in BPO/ITES rose by 48% YoY, insurance by 42%, retail by 39%, and hospitality by 39%. Fresh roles within the 20+ LPA bracket expanded by 30% YoY.
Professionals with 13–16 years of experience witnessed an impressive 50% growth.
Overall, Indian MNCs increased hiring by 24% YoY, with AI/ML roles seeing an astounding 82% growth compared to 43% growth among foreign MNCs.