Indian job market sees 12% drop
India’s white-collar job market dropped 12% month-on-month to 300,000 in June as the IT industry slows down its recruitment activity.
According to specialist staffing firm Xpheno, the overall drop in hiring number came even as non-tech sectors continued to open more job positions in the country.
This is the third month in a row that the IT sector recorded a fall in hiring numbers – 8% in month-on-month May, and 4% in April.
Hit by a funding slowdown, hiring in the startup space fell a massive 30% in the month last month. The banking and financial services sector also saw active openings drop by 29%.
Experts attribute the moderation in hiring numbers to a wait-and-watch approach in technology, startups, and allied sectors.
Xpheno Co-founder Anil Ethanur said, “Global investor sentiment is known to cause ripples in the Indian tech ecosystem due to the export services model that the sector primarily runs on,”
“Further, the impact of the funding winter has reached the Indian startup ecosystem,” Ethanur added.
However, non-tech sectors collectively put out 12% more jobs than the count in May, contributing 25% of the overall vacancies in June.
