In contrast to the last fiscal year, the job growth rate in India has declined to 3.5% from 3.8%. This is a result of the fall in the economic growth rate in the Financial Year 20 (FY20) due to the Covid-19 crisis. However, the total number of available jobs has elevated from 48.32 lakh to 50.02 lakh.

As per a CARE ratings report, 1.70 lakh new jobs have been added in FY20, as compared to FY19 where 1.76 lakh jobs were added. Additionally, 321 companies have reduced their staff members by 1.13 lakh this year, which was done by 272 companies that decreased their headcount to 1.18 lakh in the previous year.

In another data, 1.41 lakh employees were added to the staff by top 10 companies this year, out of which 4 of them are of the IT sector, 2 companies belong to the auto industry, with 2 more in the banking department, and rest 2 belongs to the NBFC and other sectors. Total of 9 companies out of these had a headcount of more than 1 lakh.

As per the report, 33 companies had a staff count of 25,000 and above, 17 companies had the count in the range of 25,000-50,000 while 7 of them had a headcount between 50,000-1 lakh. This constituted 57% of the total employment rate.

If one divides the sector-wise composition of jobs among the various sectors, out of the 61% jobs – the IT sector accounts for 23% of it. Another 7% is for the finance sector, while the banking department has 22% of jobs available. The auto industry has a contribution of 9% in the total employment rate. The textile industry shares a 2.4% rate at the fifth position in this hierarchy; it was once at the topmost position.

Ten industries in total had accounted for a fall in the headcounts. A total of 11 out of 33 categories of companies or industries observed a growth in the employment rate by an average of 3.5%. These eleven categories of companies are- IT, FMCG, iron & steel, consumer durables, chemicals, retail & insurance, banking, finance, trading, and electricals.