Indian Economy News

Oil and gas sector witnesses 22% rise in job hiring in March this year: Report

  • IBEF
  • April 16, 2024

In March 2024, the Indian white-collar job market witnessed a modest 11% decline compared to last year, with hiring across all sectors totalling 2,657. Notably, the Oil and Gas sector experienced a notable uptick of 22% in recruitment, particularly for roles like MEP and Electrical engineers, with Ahmedabad and Hyderabad emerging as key hiring hubs. Similarly, the pharmaceutical sector saw a positive trend with a 2% growth in hiring compared to March 2023. However, sectors like IT, BPO, and retail faced challenges, recording dips of 16%, 6%, and 5% in hiring trends, respectively. Despite sectoral variations, a strong hiring momentum was observed in fields like Artificial Intelligence, which saw a 12% increase in new job creation, and the demand for data scientists surged by 20% in March 2024.

The demand for senior-level professionals with over 16 years of experience remained robust, showing an 11% growth year-on-year. Additionally, job offers in the salary bracket exceeding Rs.20 lakh per annum witnessed a notable surge of 16% compared to the previous year. India's unicorn startups emerged as significant contributors to job creation, showcasing an 8% rise in hiring year-on-year. Notably, IT software service unicorns exhibited a remarkable 71% growth in hiring activity, reflecting a positive outlook for employment opportunities in the technology sector.

Cities like Pune and Mumbai emerged as key sssscentres for hiring, with Pune witnessing a remarkable 51% growth rate and Mumbai showing a 20% increase in hiring activity by unicorn startups, highlighting the vibrancy of India's startup ecosystem.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.