Despite the festive season, India saw a stable though flat hiring in other industries in October, led by the insurance sector.
The insurance sector in India continued to witness phenomenal growth due to an increase in demand for professionals across experience bands. The sector registered a significant growth of 93 per cent (year-on-year), Naukri report said.
Other sectors that continued to show upward hiring trends are (+40%), Oil (+34%), travel & hospitality (+24%), real estate (+20%), and auto (+19%). Hiring in the Indian IT sector slowed down by 18 per cent in October compared to last year.
With the IT sector showing a decline, Bengaluru, Hyderabad, and Pune showed a decline in hiring activity, the report said.
At the same time, demand for freshers stayed flat while the demand for mid-level professionals (4-12 years) declined by -4%.
Commenting on the report, Pawan Goyal, Chief Business Officer, Naukri.com, said, “The temporary deceleration in hiring activity was expected given the festive season, however when you compare the data with last year’s festive window (Nov’21), the Index is a healthy 13% ahead which is reassuring. It is also interesting to note that most key industries maintained hiring expansion during this month which is likely to only get stronger as year-end approaches.”