The pace of growth in India’s white collar jobs almost halved in the financial year 2023-24 compared to five years back, according to an Economic Times study of the 30 Sensex Companies, which showed that such jobs grew 4.4% year-over-year in 2023-24, compared to 8.4% in 2018-19.
Also Read: Deadly bacteria a growing threat to US beach vacations, billions of tourism money at risk
Why did white collar job growth slow down in India?
HR analysts attributed stresses in the tech and consumer sector for the slowdown. Meanwhile, company executives saw the slower growth as affecting consumption recovery.
How much of a fall in white collar jobs did top companies face?
Net employment fell in six companies including Infosys, SBI, HCL Technologies, Tata Motors, Titan Company and Ultratech Cement in 2023-24, compared to 2022-23.
TCS and Wipro saw a drop in employee count by 13,249 and 23,257 respectively in 2023-24 over 2022-23.
In Infosys, the employee count fell by almost 26,000 to 317,240 in 2023-24.
However, HCL Technologies, Tata Motors and Ultratech Cement saw permanent employee count increasing in 2023-24, but total employee count fell because of a reduction in “other than permanent” jobs that are on contracts and third-party rolls.
How was the overall employment growth in India?
Government data has however, shown a fall in overall unemployment rate in India, with net payroll additions under EPFO more than doubling in the past five years, which shows a healthy growth in formal employment.
Also Read: WhatsApp to roll out ‘Like’ reactions for status updates, similar to Instagram stories: Report