The Corporate Sector is worried that the economic slowdown that started in the financial year 2019 will continue for at least first half of the current fiscal and then the signs of recovery will emerge. Even in the time of crisis, the private sector remains the main source of job creation in India.
Among the 969 companies from 33 diverse sectors, including manufacturing, services, minerals, metals and mining, and financial services, total employment went up from 5.78 million in 2018 to 6.03 million in 2019, a jump of 4.3%. This is slower than the 6.2% growth seen between 2017 and 2018, said rating agency CARE Ratings Ltd in an analysis shared on Friday.
In the Private Sector, the fast-moving consumer goods, power, trading, infrastructure, healthcare, banks, and construction materials, industries showed an increase in the job count.
According to a study of the top 25 listed companies conducted by investment bank CLSA, it has been highlighted that of the total 45 lakh jobs generated, more than half were in just the Information Technology (IT) and Financial Services. The financial sector is employing 28% of the total workforce or 13 lakh people and IT employing 26%. Apart from this, these two sectors are the biggest hirers of women with TCS from the Private Sector hiring 152,114 women, accounting for 36% of their workforce.