With the impact of the COVID-19 pandemic and the economic slowdown, the employment growth rate has reportedly seen a 3.5 per cent decline in FY20 from 3.8 per cent in the previous fiscal year. There has, however, been a 50.02 per cent increase in the total number of jobs from 48.32 lakh, according to a CARE Ratings Report.
Additionally, according to the report, FY20 has witnessed 1.70 lakh new jobs being added, while the net addition was 1.76 lakh in the previous corresponding year. The report also shows that four industries accounted for 61 per cent of jobs; IT, Banking, Auto and Finance. This was followed by Textiles, which was once on the top of the list.
The report pointed out that 11 out of 33 industries such as Electricals, Finance, Banking, IT, FMCG, Consumer Durables, Trading, Chemicals, Iron & Steel, Retail & Insurance, saw growth more than the sample average of 3.5 per cent.
The report also states that the top 10 companies, including those in the IT, banking and NBFC sectors, added 1.41 lakh employees in FY20. Nevertheless, in FY20, about 321 companies cut their headcount by 1.13 lakh compared to 1.18 lakh in the previous year.
