Hiring activity in India recorded year-on-year growth of 43% in November 2022 when compared to November 2021, according to the latest Naukri JobSpeak Index.

The Naukri JobSpeak Index stood at 3,106 and recorded a sequential increase of 27%.

The Index for November focused on comparing the month’s performance to the first-half of the year’s average.

The Insurance sector registered solid job growth of 42% vs the first half of the year.

Other sectors that continued to show an upward long-term hiring trend are Banking (+34%) Real Estate (+31%), Oil (+24%), Travel & Hospitality (+20%) and Auto (+14%).

Pharma, BPO and Telecom remained flat while hiring in the IT sector showed a dip of 8% vs the first half of the year pointing to isolated pockets of correction, especially in the start-up space.

Pawan Goyal, Chief Business Officer, Naukri.com, said, “The strong recovery in overall hiring activity post festive season reaffirms the resilience of the Indian job market which is now multi-sectoral and hence balanced as well as mature. Minor isolated dips in a few sectors do corroborate hiring corrections and some cautious sentiment in the industry. However the fact that sectors like real estate, insurance, and banking are showing double-digit growth should give us a lot of confidence that the Indian job market is so far holding its own despite some turbulence at global level.”

Amongst metros, Delhi/NCR led the charts with 20% growth in November when compared to the H1 average.

Other metros that showed consistent growth were Mumbai (+17%), Kolkata (+10%), and Chennai (+8%).

The IT sector dependent metros of Hyderabad (-1%), Bangalore (-5%) showed slight declines while Pune (+2%) reported a small increase in hiring activity.

Amongst non-metros, Ahmedabad led with 33% growth in long-term trends (November vs H1 2022), followed by Vadodara (+23%), Jaipur (+15%), and Coimbatore (+8%), while Kochi and Chandigarh remained stagnant.

The long-term demand for professionals across all experience levels showed continual stability. While it showed maximum growth of 21% for senior professionals having 13-16 years of experience, it rose by 11% for 8-12 years of experience and remained stable for freshers.