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Hiring activity in India improved in March, according to the latest employment index by job portal Naukri.com. This showed that employment levels in the country’s formal sector rose by +11.5% when compared to a year ago.
But month-on-month, hiring activity in March dropped by -1.1%, after witnessing an uptick in the past three months. The index had moved up +3% in December, +10% in January and a further +4% in February led by sectors such as software services, business process outsourcing (BPO) and pharma.
“We have noticed a small correction after three successive months of growth in the Naukri Job Speak Index of 3%,” said Ambarish Raghuvanshi, CFO of Info Edge India, which owns Naukri.com.
Recruitment traditionally slows in March across several sectors. “While some of this can be attributed to seasonality, business confidence levels, which play a strong role in hiring intentions, continue to be fragile. A sustainable positive trend will emerge once the economy and the environment are seen to be in a growth mode,” Mr Raghuvanshi added.
Sectors that posted an increase in employment levels include pharma, construction and BPO while IT, software, auto and oil and gas witnessed a dip in March.