India adds more jobs in 2016
FY16 was the best year for the growth of employment with around 108,000 jobs being created as against 84,000 in FY13 and 46,000 in FY14 with total employment increasing by 1.2 per cent in a sample of 2,112 companies in various sectors.
However, the impact at the margin on employment on certain industries on account of demonetisation could slow down the pace of job creation towards the end of FY17.
The year 2015 witnessed an aggregate decline of 14,397 jobs, resulting in negative growth of 0.4 per cent according to Care ratings research. In general the industries in the capital goods sector as well as infrastructure that have been under pressure in the last year have also not been able to elevate the level of job creation.
Whilst household & personal products saw the lowest growth at 12.1 finance grew 18.8 per cent, logistics 16.6 per cent and BPO/ITES 14.8 per cent.
14 industries showed growth between 1.6 per cent (which is the average rate) and 10 per cent of which 5 industry groups namely NBFC, pharmaceuticals it, hospital & healthcare services and consumer food registered a growth rate of above 5 per cent; electric equipment and paper & paper products recorded the lowest growth in employment in this category.
Those that maintained their employment, beating the lower industrial growth were two and three wheelers, autos and textiles. 20 industries recorded negative growth in employment of which four namely hotels, resorts & restaurants, retailing, diversified & sugar registered double negative growth.