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Nitin Kamath, Founder, Zerodha has made a post on his Instagram handle saying that it makes good sense to stay in India 'for entrepreneurs'. Kamath has cited the Bloomberg Recession meter to show how India is poised against the world when it comes to economic confidence at this time and has indicated that Indian 'is the place to be' for the current decade.
Apart from entrepreneurs, the Indian job market too has been showing significant resilience through 2022 marking a quick recovery from the pandemic induced slide. Employment trends from 2022 already show a growth in multiple sectors opening up opportunities in the country.
Job growth through 2022
Salary Guide report 2023 by global recruiters Michael Page has shown that the hiring trend in India during 2022 rose 23 per cent and the effect is likely to trickle over to 2023. The major growth drivers in India during 2022 were the following sectors:
.Financial Services which saw an employment jump by 49 per cent
.Technology which saw a growth of 16 per cent
.FMCG which saw growth by 42 per cent
.Tourism saw a growth rate hike by 68 per cent as travel and holidays normalised after the pandemic
.Property and construction activity too saw a rise by 28 per cent
Further, a report by Foundit Insights Tracker (FIT) released in March has revealed India's white collar hiring going up by 2 per cent as compared with March 2022. the main growth drivers have been retail, telecom and tourism. The gig-economy in India has with nessed a cosiderable upswing over the last year witnessing an 11 per cent growth.
On the contracry, it has also shown a reduction in hiring demand in some sectors like media and entertainment, import-export, IT, telecom and manufacturing.
Steady GDP growth
One of the key reasons why India is likely to remain a hiring market is because of its steady GDP growth with multiple sectors performing at high competence. The Reserve Bank of India Governor, Shaktikanta Das in the Monetary Policy Committee (MPC) announcement on April 6 has increased India's GDP projection by 10 basis points over 6.4 per cent that it had announced before and made a projection of GDP growth of 6.5 per cent for FY2022.
The IMF however in its report: the World Economic Outlook released on April 11 has corrected India's GDP growth by 20 bps for FY24 at 5.9. The RBI Governor has also explained resilience of India's economy, its financial sectors as it is "insulated" from the global volatility.