IT services sector registers 17 per cent growth in jobs in November
BENGALURU: After nearly seven months’ decline in volume, the IT services sector has reported its first positive movement, as the sector registered a 17 per cent growth in job openings in November 2022 compared to the previous month, according to specialist staffing firm Xpheno.
In its Active Jobs Outlook Report in India in November 2022, the firm says the tech sector’s collective volume grew by 18 per cent in November over the previous month-October 2022.
“While global big tech players and their counterparts continue to rock the boat with layoffs and hiring freeze, Indian IT majors and cohorts aren’t entirely following suit. The marginal recovery and return of hiring action among the Indian Tech cohorts is a sign of returning to moderated pre-covid levels of action,” said Anil Ethanur, Co-Founder, Xpheno.
According to him, there could be a window of opportunity opening up for the Indian IT services sector, when global marquees under margin pressures, are reworking their plans to offshore jobs.
Despite the positive movement, IT services recorded its second sharpest y-o-y drop of 39 per cent in active jobs volume.
Though the tech sector’s collective volume grew by 18 per cent on an m-o-m basis, it dropped by 47 per cnet on a y-o-y basis. The report also says that active jobs in November continued its slow-paced recovery curve that commenced in October. November closed with an Active Jobs count of 2,60,000 compared to 2,25,000 registered in October.
Start-ups create 8.6L direct jobs since launch of Startup India
Since the launch of Startup India in 2016, the Department for Promotion of Industry and Internal Trade (DPIIT) recognised start-ups have created over 8.6 lakh direct jobs till November 2022. DPITT has recognised 84,012 entities as start-ups from across the country.
In 2022 (till November) alone, DPIIT-recognised start-ups have created over 2.38 lakh jobs compared to over 1.98 lakh jobs that were created in 2021. Of 84,012 start-ups, Maharashtra has the highest number of recognised start-ups- 15,571 , followed by Karnataka - 9,904 and Delhi at 9,588.
The Startup India initiative was launched on 16 January 2016. The government’s Action Plan comprises 19 action items.