India Inc In Slumber; Job Creation Reaches A Three-Year Low

Bangalore: The wide spread economic gloom has not spared India Inc. Indian employees are finding it hard to land jobs as the rate of job creation in the country has hit a rock bottom by reaching a three-year low, reports Bakul Chugan Tongia & Joseph Pereira of ET Bureau.

As per ET Intelligence Group analysis that covered about 250 companies belonging to the S&P BSE 500 index, employment growth for this year is 3.5 percent, which is a drop of almost 2.2 percent compared to the previous year and 3.1 percent compared to FY-11.

Overall, out of the 250 companies covered by the survey a total of 1.23 lakh people were recruited in the FY-13, which is a slump of approximately 0.68 lakh as compared to FY-12 and 0.79 lakh compared to FY-11.

The slump in hiring in this year is most visible in retail, automobiles, shipping, capital goods, paper, tyres, construction and power generation industries. Manufacturing sector was the hardest hit, as a majority of projects were stuck because of difficulties in getting approvals.

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