News: India's startup ecosystem booms, freshers in high demand


India's startup ecosystem booms, freshers in high demand

India's startup scene is experiencing a boom, with a significant number of new companies emerging and a strong focus on hiring fresh talent.
India's startup ecosystem booms, freshers in high demand

 India's job market is experiencing a surge in opportunities, fueled by a remarkable 37% increase in the number of startups launched in the past year, according to the latest foundit (formerly Monster APAC & ME) report.

This growth translates to a 14% rise in overall job postings across the country.  The report highlights a significant shift towards fresh talent within the startup ecosystem. Over half (53%) of all startup job postings currently target individuals with 0-3 years of experience.

"Startups are increasingly leaning towards recruiting fresh talent," said Sekhar Garisa, CEO of foundit, a Quess company.  "In this market, young professionals should differentiate themselves by picking up relevant skills and not solely rely on their professional degrees."

The report also highlights a decline in remote work opportunities within startups, dropping from 8% in April 2023 to 3% in April 2024. While the IT services sector is experiencing job growth,  industries like the Internet, BFSI/Fintech, and Media & Entertainment have seen a slight decrease in hiring compared to the previous year.

One positive trend identified in the report is the robust hiring within the Production and Manufacturing sector, with a 31% year-on-year surge.  This growth emphasises the need for companies to accelerate domestic production and boost exports.

Key findings

Startup Surge: The number of startups in India has grown by 37% compared to last year.

Hiring on the Rise: Overall hiring activity witnessed a 9% increase year-on-year (April 2023 vs. April 2024) and a 9% uptick from March 2024.

Freshers Favoured: 53% of all startup jobs are targeted towards freshers (0-3 years of experience).

Sales Soar: Sales positions within startups have seen the most significant growth, increasing from 9% to 23% in job postings over the past year.

Manufacturing on the Move: The Production and Manufacturing sector witnessed a remarkable 31% year-on-year surge in hiring.

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Topics: Startups, Business, #Jobs

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