Majority of manufacturing companies plan to hire more people in the next three months amid increasing domestic demand, according to a survey.
A TeamLease ‘Employment Outlook Report’ for the fourth quarter on Tuesday said the positive higher hiring sentiment is driven by large scale enterprises (69%), followed by medium (44%) and small (39%) businesses.
The findings are based on a survey of 301 manufacturing companies across 14 cities in India.
More than 60% of employers in the manufacturing segment aim to recruit and expand their resource pool.
The overall intent to hire for both the manufacturing and services sectors combined has grown to 68% in the said quarter from 65% in the third quarter, it said.
“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.
The intent to hire is greater in metro and Tier I cities (94%) compared to Tier II cities (73%), Tier III (43%), and the rural sector (23%).
The cities with the highest intent to hire are Mumbai (97%), Bengaluru (94%), Chennai (89%), Delhi (84%), and Pune (73%), it said.