INSUBCONTINENT EXCLUSIVE:
The services sector was the lone sweet spot that displayed robust jobs growth, the study showed.India's jobs scene -- with unemployment at
a 45-year high -- is looking gloomy with hiring activity slowing across most sectors.Banks, insurers, auto makers and logistics and
infrastructure companies are among those hiring at a slower pace, according to the study by Care Ratings Ltd
that relied on annual reports for the year ended March from nearly 1,000 companies
The services sector, which accounts for a bulk of the economy, was the lone sweet spot that displayed robust jobs growth, the study by the
credit assessor showed.The sluggish pace of hiring lends itself to a vicious cycle in an economy already reeling from weak consumption
demand, which has dragged growth down to a five-year low in the March quarter
For Prime Minister Narendra Modi, rising joblessness risks stoking social tensions and tarring India's image as an attractive investment
destination.Total employment increased from 5.44 million as of March 2017 to 5.78 million in 2018, which is an increase of 6.2 per cent,
according to the Care study
In the year ended March, that increase was lower at 4.3 per cent, with the total number of employed personnel standing at 6.03 million.Care
said that while sectors like hospitality saw increased outsourcing, there was a decline in headcount for iron, steel and mining companies
due to lower growth in production and increased bankruptcy related issues
state-run banks were barred from new hiring because they were ring-fenced while boosting their capital base and bringing down their
non-performing loans.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com
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