Survey foresees 10 lakhs new jobs in India

India’s largest Human Resource service provider company, Ma Foi Management Consultants Ltd has predicted to generate more than 10 lakhs new jobs in several sectors across the country in 2008. Education sector will on the top, while hospitality and health sectors will on the second and third position, as survey stated.

Ma Foi has conducted the survey in 2006 units covering 22 sectors including health, hospitality, pharma, IT and ITes, construction and real estate sector, mining, minerals, food products, furniture, textiles, banking and financial institutes, retail, service, manufacturing and energy sectors in India and reveals that the traditional sectors like IT and ITes, BSFI (Banking, Financial services and Insurance) will go behind and new sectors like education, health, hospital tourism and power sector will boom.

According to survey, an estimate of $11.41billion might be invested in the overall job sectors in the next two years.

Education sector will be on the top in generating the new jobs. As much as 10,429,312 new jobs will be generated in 2008, while hospitality sector will generate 6,595,879 jobs and health will 3,616,525 jobs.

Despite of major support of PSUs banks, mining sector will generate the least job and will lose its charm due to lack of opportunities. Food products, furniture, textiles, minerals and printing sectors will go downwards in generating new jobs. These will be least preferable sectors in the coming years.

An estimate of over six lakh professionals will join hospitality sectors because the evolving of new world-class hotels in the coming years. India is hoping to build 40 new hotels till 2011 due to some mega events schedule to be held in 2011. The Commonwealth games will go on in Delhi, the national capital of India and India will be co-host of the next Cricket World Cup in the same year.

‘Healthcare sector will be the most challenging job sectors and create over 3.5 lakhs more jobs’ as FICCI estimates while as per its estimation, it will generate the revenue of Rs. 750billion till 2012 with the rapid growth rate of 170% till 2012.

On the other hand, as per Ma Foi, health sector will generate 8.9% growth rate in recruitments and will top in the rate of job generating while IT sector will be on the second with growth rate of 7.3% and hospitality can achieve 6.9% growth rate.

The key factors of the survey:

• The experienced have been hired more in numbers than fresher in over all job sectors in 2007.

• Hospitality, ITes, energy generation and supply sector, Mining and Extraction sectors have hired more than 30% of fresher while rest of them have preferred experienced with the large portion of above 75% of total recruitments.

• Real estate and construction industry has registered the highest percentage of outsourced work (19%), while hospitality was very close (18.5%) to real estate and construction sector.

• Power sector has emerged the highest pay hike (16.8%) in India surpassing all sectors while real estate has marked the pay hike of 16.1%. IT sector has remarked the 15.7 percent pay hike in employee’s salary this year.

• The medical tourism is expected to reach to USD2-billion by 2010.

• Mumbai has generated the highest number of employment followed by Delhi, Chennai and Kolkata while Hyderabad was on the top in percentage growth rate of recruitment. Pune has contested closely to Hyderabad.