India's headcount in various sectors sees a positive surge, with a 12% increase: Report

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Also read: Indian economy may slow down in the second half, RBI may cut rates in Q4, says Jahangir Aziz of JP Morgan Among the sectors, the professional services industry experienced the highest growth, with a doubling of headcount compared to last year. Companies have been increasingly seeking external expertise to expedite business operations and navigate global uncertainties. This trend is particularly evident in areas such as taxation, business consulting, risk advisory, deal advisory, technology services, and ESG services.

The manufacturing sector also saw a significant increase in headcount, with nearly a 50 percent growth. This can be attributed to the strong sales of Indian products, both domestically and internationally, leading to increased production and employment. The BFSI (Banking, Financial Services, and Insurance) and e-commerce sectors also exhibited robust growth at 16 percent each.

The BFSI sector in India has remained stable, supported by factors such as strong domestic demand, favourable credit conditions, and improved solvency. The e-commerce sector has thrived due to widespread smartphone adoption, increased internet penetration, digital payment system accessibility, and government initiatives to promote digital transactions and foreign investment. The Indian government has made efforts to create a business-friendly environment that has significantly contributed to the sector’s growth amid challenges faced by banks worldwide, reported Economics Times.