The job market in India picked up pace ahead of the festive season as a report showcased a spurt in hiring activity this month with the Naukri JobSpeak index recording a double-digit growth at over 13 percent year-on-year (YOY) and over 10 percent sequential growth.
According to the report, maintaining its stellar performance, the insurance sector once again led the charts as it recorded a sequential growth of more than 90 percent YOY this month.
“The JobSpeak Index crossing the 3100 mark in Sep’22 is a great sign marking strong intent amongst recruiters before the festive period kicks in. It is notable to see that key sectors of Insurance and Real Estate have maintained their growth momentum and have recorded sterling performances,” Pawan Goyal, Chief Business Officer, Naukri.com, said in a statement.
Apart from Insurance, Real Estate has also shown a significant jump in hiring intent as it grew by over 66 percent YoY. Other sectors such as BFSI (64 percent), Travel and Hospitality (48 percent), Oil and Gas (43 percent), and Retail (17 percent) also continue to do well.
While the IT sector slowed down recording less than 6 percent YoY de-growth, the hiring activity has gone up by over 8 percent month-on-month (MoM) indicating signs of recovery. Apart from IT, Medical/Healthcare (less than 6 percent) also recorded de-growth.
Among metros, Mumbai topped the hiring charts as it witnessed more than 27 percent YoY growth. Other metros exhibited positive annual hiring growth, barring Bengaluru (minus 8 percent).
