News: IT pips manufacturing in job creation

#Updates

IT pips manufacturing in job creation

The information technology sector led by the top three listed companies, TCS, Infosys and Wipro, created the most jobs in the five years to FY11 compared with other sectors. Of the 14.3 lakh jobs created between FY06 and FY11, over 8 lakh (56 percent) were added by companies in the services sectors, which includes banking and finance, healthcare, hospitality, technology, telecom, trading and retail. IT sector players led the pack, adding as many as 4.5 lakh employees. TCS, Infosys and Wipro together added 2.4 lakh people, or more than half the total additions for the sector. Manufacturing jobs did increase by 35 percent to 23.3 lakh during the period, but at a much slower pace compared to the 66 percent growth in services sector employment.

The information technology sector led by the top three listed companies, TCS, Infosys and Wipro, created the most jobs in the five years to FY11 compared with other sectors. Of the 14.3 lakh jobs created between FY06 and FY11, over 8 lakh (56 percent) were added by companies in the services sectors, which includes banking and finance, healthcare, hospitality, technology, telecom, trading and retail. IT sector players led the pack, adding as many as 4.5 lakh employees. TCS, Infosys and Wipro together added 2.4 lakh people, or more than half the total additions for the sector. Manufacturing jobs did increase by 35 percent to 23.3 lakh during the period, but at a much slower pace compared to the 66 percent growth in services sector employment.

Experts argue that the falling share of manufacturing in new jobs creation is also worrisome since this would curtail low-skill employment. Given its requirement for high-skilled people, the services sector alone will not be able to cater to the rising workforce in the country.

Source: The Economic Times

Topics: #Updates, #Jobs, Talent Acquisition

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