BFSI, e-commerce, infrastructure and retail to add over a million jobs in 2018

BFSI, e-commerce, retail and Infrastructure sectors will together add 1 million plus jobs by the end of 2018, says a report by Indian Staffing Federation. These are also among the top 15 employment generating sectors collectively employing 81 per cent of the formal sector workforce in the country. The report pegs the Indian flexi staffing market at 3.6 billion euros (around Rs 28,215 crore).

With automation and innovation changing the nature of the work, BFSI contributes 12 per cent, Infrastructure, Construction and Energy 11 per cent and retail and e-commerce together comprise 5 per cent in employing the national flexi staff.

The retail market’s growth is not just a phenomenon of metropolitan cities, but also across several tier 2 and tier 3 cities, providing enhanced business and job opportunities for local youth.

Accordingly to the report, the organised retail will create over 12 lakh jobs, construction and real estate about 1.4 lakh, BFSI 52,500 jobs while automobile sector will add 43,000 plus jobs by 2021.

“India doesn’t have a job crisis, everyone who wants a job has a job; they simply don’t have the wages they aspire for. The country is suffering from acute low levels of productivity at the workplace that emanates from the real crisis – which is lack of skills. As members of the staffing industry, we are sitting on large volumes of jobs however, we are able to hire only 5 per cent of the youth that reach out to us on a daily basis,” says Rituparna Chakraborty, President, Indian Staffing Federation.

According to the Employees’ Provident Fund Organisation’s (EPFO) data, six lakh get added to the formal workforce every month. Chakraborty adds:”EPFO data suggests formalisation of workforce and rather than being sceptical about it, we should welcome this and shift our debate to skills rather than non-availability of jobs.”

“Through Pradhan Mantri Rojgar Protsahan Yojana, we have employed 40 lakh new job seekers and Rs 725 crore has been given to those corporates providing jobs to them. This year, we expect to spend Rs 4000 crore for the new jobs to be created,” said Heeralal Samariya, Secretary, Ministry of Labour and Employment.

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