2016 may generate 3.5mn jobs in India
By Staff Writer
The 2016 year may witness creation of about 3.5 million jobs across different industry verticals in India. The sub continent is expected to receive more foreign direct investment (FDI) following its successful campaign 'Make In India.' The IT, retail, automobile and banking sectors will lead the employment generation.
Teamlease Services, a staffing company, forecasts 3.5 million jobs generation in 2016. It also predicts that the retail sector will alone generate 1.2 million jobs. "We're expecting creation of about 3.5 million jobs where major chunk of hiring is expected in retail, app economy and automobile," said Rituparna Chakraborty, co founder at Teamlease Services.
According to a report by Hindustan Times, about 650,000 jobs in the automobile industry, 600,000 jobs in app economy, 300,000 jobs in banking, financial and insurance (BFSI), 270,000 jobs in IT and 300,000 jobs in e-Commerce would be generated in 2016.
It's estimated that over 209,000 jobs in cyber security in the US market are not filled up. The job requirements are up 74 percent, according to an analysis by Bureau of Labor Statistics by Peninsula Press. Another report by Cisco states that one million cyber security jobs openings are up in 2016 on global level. The demand may further go up to six million jobs by 2019.
Forbes reports that cyber security market is going to be attractive for job seekers in 2016. The global cyber security market will reach $170 billion by 2020 from $75 billion in 2015. For those who have aptitude for cyber security, this segment offers career growth opportunities.
With job cuts and drop in oil prices impacting the global economy, the UAE is continuing its hiring drive in 2016 as well. Hiring agencies predict more openings would emerge in the UAE economy this year too. One-third of UAE companies are active in hiring and 41 percent of the companies would most probably hire this year.
Gulf News reported that Dubai Expo-2020 will be a key factor for the employment generation. Suhail Masri, Vice-President (Sales) for Bayt.com, said: "There are still many employment opportunities available in the UAE, Middle East and North Africa. There will be more to come in 2016." Dubai Expo-2020 involves infrastructure projects and properties across the emirate.
ManpowerGroup, an Indian arm of US-based staffing firm, has come out with a latest survey on employment generation. The survey predicts a rise of 42 percent in hiring numbers. AG Rao, MD, ManpowerGroup India, said: "Industries like manufacturing and automation which have been struggling will now witness a major boost."
HT Media, which runs Shine.com, is also upbeat on employment generation in India. Amit Garg, Executive Director, HT Media, said: "The job creation hopefully should gain momentum in the second half considering GST, digital India, Start Up India and Smart City would come into effect."
Contrary, the salary projections are not rosy. The average salary rise is expected to be 10.8 percent. However, the rising inflation will eat into the salary rise eroding the purchasing power.