In response to rising domestic demand, most manufacturing companies plan to expand their workforce over the next three months.
According to a TeamLease, “Employment Outlook Report” for the fourth quarter released on Tuesday, large-scale enterprises (69%) are mainly contributing to the spike in hiring, followed by medium-sized (44%) and small-sized (39%) companies.
The findings are based on a survey of 301 manufacturing companies across 14 Indian cities.
More than 60% of firms in the manufacturing sector want to recruit and expand their available resources.
It stated that from 65% in the third quarter, the objective to hire for the manufacturing and services sectors increased to 68% in the third quarter.
“The global employment rate has increased considerably post the last COVID-19 wave and is poised to grow stronger in the coming quarters. With domestic demand increasing, despite stringent external conditions, the manufacturing industry is projected to witness all-encompassing growth. Moreover, the government’s agenda to drive ‘Make in India’ and the introduction of reforms to boost domestic manufacturing will enable India to become a more attractive destination for investments, thereby impacting employment positively,” TeamLease Services Chief Business Officer Mahesh Bhatt said.
Metro and Tier I cities (94%) have higher hiring intentions than Tier II cities (73%), Tier III cities (43%), and the rural sector (23%).
Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%), and Pune (73%) are the cities with the most intent to hire, according to the report.
