Indian Staffing Federation (ISF), an apex body of Flexi Staffing industry recently hosted an Industry Staffing Conclave themed around employment in the age of productivity and revealed that the Indian staffing market size is to be valued at $4.19 Bn (€ 3.6 Bn).
The report says that the organized retail will create 12,62,120 jobs, construction and real estate will create 1,37,280 jobs, BFSI will create 52,500 jobs while automobile sector will add 43,060 jobs by 2021.
As per the report the three sectors, BFSI, Infrastructure, Construction and Energy and Logistics, Transport and Communications will together employ 1 Mn flexi-staff by the end of 2018. Currently, BFSI contributes 12 percent, Infrastructure, Construction and Energy contribute 11 percent, while, Retail and E-commerce together comprise 5 percent of the national Flexi staff. For the retail market, the growth has not only been witnessed in the metropolitan cities but also across numerous tier 2 and tier 3 cities, providing enhanced business and job opportunities for the local youth.
In the conclave, the Secretary, Ministry of Labour and Employment also shared the latest EPFO data which suggests that 6 lakhs employees get added every month in the form of new jobs resulting in formal workforce. Interestingly, through Pradhan Mantri Rojgar Protsahan Yojana, about 40 lakh new job seekers have been employed and Rs. 725 crore has been given to those corporates providing jobs to them.
Heeralal Samariya, Secretary, Ministry of Labour and Employment, GoI mentioned in his keynote speech, “In this year, we expect to spend Rs. 4000 crore for the new jobs to be created. With a GDP rate of 7.4 percent coupled with the recent investments in the infrastructure sector, we are hopeful of creating more formal jobs and dignity of jobs simultaneously.”
ISF has also created jobs for 1 Mn youth through its 100 plus members. Suchita Dutta, Executive Director believes that one of our biggest achievement for the staffing industry has been the consideration of the National Licensing at the state and national level by the labor ministry. He says that this move will simplify doing business for corporates, increase flexi hiring across sectors and formalize employment models leading to rapid economic growth.